SAUDI ARABIA: A consortium comprising First Avenue for Real Estate Development Company, Dar AlMajed Real Estate and Rekaz Real Estate Company signed a framework agreement with the Royal Commission for Makkah City and Holy Sites and Jadwa Investment, as fund manager, to develop the East Hindawiyah project in Mecca. The agreement will establish a private closed-ended real estate investment fund, with the consortium appointed as the project's exclusive developer.
Under the agreement, the consortium will receive a development fee equivalent to 15% of actual project costs and a 14% performance incentive on returns exceeding the fund's 8% internal rate of return target.
Categories:
Asset ManagementRestricted Access
Login to continue reading (existing subscriber)
Subscribe NOW and get:
- Gain unlimited access through all key operating platforms
- Full access to all listed Islamic funds & fund profiles
- Unlimited access to all Islamic fund managers
- Access to all exclusive articles, reports, podcasts & videos
- Complimentary access to all IFN Investor Forums
