SAUDI ARABIA: SMC Healthcare has announced its intention to establish the Al Wadi Real Estate Fund as a close-ended, Shariah compliant investment vehicle. Under the proposed structure, SMC Healthcare will contribute a land parcel as in-kind equity in exchange for an ownership stake in the fund.
The fund will target the development of either a five-star hotel or a healthcare project, with Bank of London and BLME Capital appointed as the Shariah compliant fund managers. SMC Healthcare’s board has authorized its CEO to proceed with the necessary steps to complete the fund’s formation.
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