10 August 2017
Riyadh
Reporter: Jenna Lomax

Saudi Arabia approves Mulkia-Gulf REIT


The Capital Market Authority has approved Mulkia Investment’s request to list the Mulkia-Gulf Real Estate REIT Fund on the Saudi Stock Exchange.

The fund, which met the legal requirements and implementing regulations overseen by the Saudi Capital Market Law, will seek to acquire retail, office and industrial assets located across Saudi Arabia.

The main locations that will be targeted first are Riyadh, Jeddah and Dammam.

Three REITs are currently listed on the Saudi Stock Exchange. The Mulkia-Gulf Real Estate REIT Fund will be the fourth.

Jadwa Al Haramain has a market capitalisation of SAR 813.12 million (USD 216.8 million), Riyad Fund is worth SAR 606 million ($161.59 million), and the AlJazira Mawten Fund is valued at SAR 212.4 million ($56.64 million).

Investment is pouring in to Saudi Arabia. One indication of increasing investment was US President Trump’s recent visit to the region.

In a speech made in Rideyah, he outlined a “new chapter that will bring lasting benefits to our citizens” and pledged more than $400 billion of investments, “creating many thousands of jobs in America and Saudi Arabia”.

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