New real estate fund to be launched in KSA

13/05/2015 02:16 AST

Global Investment House-Saudia (Global Saudi) and Mosa bin Abdulaziz Al Mosa & Sons Group recently signed an agreement to launch an income generating real estate fund in the Kingdom. The agreement was signed by Mosa bin Abdulaziz Al-Mosa, chairman of Mosa bin Abdulaziz Al Mosa & Sons Group and Khaled Alsorayea, CEO of Global Saudi.

The agreement aims to offer fund opportunities in income-generating real estate in a number of cities in the Kingdom. Global Saudi will act as the fund manager and Mosa bin Abdulaziz Al Mosa & Sons Group as strategic partner.

The Saudi market possesses attractive investment opportunities in the real estate sector and this agreement will focus on the provision of real estate units in sectors and regions with high demand and limited supply. This shall contribute to bridge the gap between supply and demand in the local market.

Al-Mosa said: "We are excited to partner with Global Saudi, which is an important step in providing real estate opportunities that meet the market needs. The experience of Global Saudi in asset management and investment funds in particular, will contribute to the success of this cooperation by attracting the necessary capital and managing the fund professionally."

Alsorayea said: "This agreement is the first cooperation between the two companies to launch other investment and real estate products in future. Our partnership with Mosa bin Abdulaziz Al Mosa & Sons Group and its experience in the real estate market in the Kingdom will inevitably be an added value and an important source of attractive real estate opportunities." The real estate sector, which has achieved high levels of growth over the past years, represents more than 4 percent of the Kingdom’s GDP.

Mosa bin Abdulaziz Al Mosa & Sons Group is described as one of the largest real estate groups in the Kingdom with cumulative expertise spanning more than half a century in various real estate activities as well as real estate funds and has pilot projects in various regions of the Kingdom, reflecting their capacity to respond to market demands and excel in markets witnessing high competitiveness.

Arab News