Mr. Khaled Al Majed, Mr. Tariq Al-Sudairy & Mr. Majed Al Shalhoub at the MoU signing ceremony
Jadwa Investment, a leading investment management and advisory firm in the Middle East, has signed a Memorandum of Understanding (MoU) with Al Mqr Real Estate Development Company and Al Majdiah Residence to set up a new private real estate investment fund to undertake a unique project in Madinah.
The new fund will be a closed-end, Shariah-compliant real estate development fund with a target size of approximately $186.5 million, and will acquire and develop a 464,003 square meter land plot in a strategic location in Madinah. The envisioned development will be a mixed-use masterplan with residential and commercial segments.
Some components of the project will be sold as developed land plots while others will be sold and leased in the form of superstructure offerings to end-users. Beyond its commercial objectives, the project will support Madinah Regional Municipality’s mandate to develop the holy city, in line with Saudi Vision 2030’s objective to diversify the national economy.
Tariq Al-Sudairy MD & CEO Jadwa Investment
“We are honored to partner with Al Mqr and Almajdiah Residence to contribute to the strategic development of Al Madinah Al Munawwarah. This project will complement our growing real estate investment portfolio and extend our track record of executing strategic projects with top-tier partners.”
Mr. Majed Al Shalhoub, CEO of Al Mqr Real Estate Development Company, commented that “Our partnership with Jadwa Investment marries our vision to develop standard-setting projects in Madinah with Jadwa’s commitment to offering its investors premium real estate investment opportunities. We expect this fund to be the foundation of a long-term partnership with Jadwa, and to lay the ground for future collaboration.”
“The envisaged project is a continuation of our longstanding partnership with Jadwa Investment, and a unique opportunity to bring our expertise in residential development to Al Madinah Munawwarah,” said Mr. Khaled Al Majed, Chairman of Almajdiah Residence.
The launch of this fund comes as part of Jadwa’s diversified real estate portfolio, which has expanded significantly in the last two years. As of March 2022, the firm is managing a total of $3.57 billion in real estate assets across development and income-generating funds.
Thank you very much for choosing GCC Business News to be an important part of your professional life. You will receive a confirmation e-mail. Please check SPAM or UPDATES folder
