Albilad Capital announces the success of capital increase floatation "Albilad Hospitality Fund for in in Makkah Al-Mukaramah" with more than 1,1 Billion Saudi Riyal
Albilad Capital announced the success of capital increase floatation of Albilad Hospitality Fund for in in Makkah Al- Mukaramah ("the Fund") with amount of 1,1 Billion Saudi Riyal, which is a closed private fund for real estate investment. The Fund has a five-year term extendable by one more year and is in conformity with the regulations and controls of Al Shariah Authority of Albilad Capital.
The capital of the Fund was increased for the purpose of acquisition of ninety residential units in the second phase of Jabal Omar Development Project in Makkah Al- Mukaramah city that has an unique competitive advantage as it is located near the Kaaba and Al-Masjid al-Haram (The Holy Mosque), in order to achieve capital gains through operating hotel residential apartments then selling them. The amount of the Fund reached SAR 2,317,501,000 after increasing the capital, which reflects the investment community trust in the qualitative real estate investment, in the light of targeting the increase of pilgrims to 30 Million by 2030.
On this occasion, Zaid Bin Muhammad Almufarih, the Chief Executive Officer Albilad Capital thankfully said " We would like to thank the enterprises and experienced individuals for their trust in our prominent position and our investment tools arising from our ambitious strategy for growth and expansion that always encourage Albilad Capital find creative financial solutions and services, which keep pace with the aspirations and objectives of its respected clients.
It is worth mentioning that Albilad Capital Company is the investment banking arm of Bank Albilad. It presents the latest comprehensive online services the website of Albilad Capital: www.albilad-capital.com that allow the customer to perform all financial transactions. Albilad Capaital also provides 24 hours customer service through Albilad Capital phone 920003636 or via social network channels through the platform of "Twitter" and "Instagram" applications in order to serve the clients of "Albilad Capital" and fulfill all their investment needs.
