RIYADH, XX February 2024: GIB Capital and Awaser Investment Company are pleased to announce the establishment of a real estate fund to develop a 750,000 sqm land in Jubailah, north of Riyadh. The development will be funded through a CMA Shariah-compliant Private Real Estate Fund.
Driven by a commitment to international best practices in urban planning and design, the fund seeks to set new standards for environmentally friendly and inclusive real estate developments in the Kingdom. Leveraging their extensive experience, resources, and global network, the fund aims to contribute to the growth and transformation of Saudi Arabia’s real estate sector.
The private real estate fund is designed to boost the residential and hospitality market growth in alignment with the Kingdom’s 2030 vision.
Commenting on the partnership, Mr. Majed Al Subeaei, Managing Director of Awaser Investment Company, stated, “Based on Awaser Investment’s commitment to align with Saudi Arabia’s Vision 2030, we have set our main objectives, which includes becoming one of the key players in achieving the government’s vision. This is accomplished through quality investment partnerships in various sectors, leveraging our shared expertise, network, and resources to engage in sustainable projects that meet the tremendous market growth in Saudi Arabia.”
“Our partnership with GIB Capital to establish the Jubailah Real Estate Fund stems from our desire to develop residential units that adhere to the highest construction standards. We aim to provide citizens and Residents of Saudi Arabia with housing options that consider their diverse needs and financial capabilities, in line with the significant growth in the housing sector and the Vision 2030,” he added.
Mr. Osamah Shaker, CEO of GIB Capital, highlighted, ” GIB Capital is pleased to establish the environmentally friendly real estate fund in partnership with Awaser Investment Company. This strategic initiative exemplifies GIB Capital’s commitment to alternative investments, offering clients a distinguished opportunity to diversify their portfolios beyond traditional investments. We eagerly anticipate the positive impact of alternative investments on our esteemed partners and its contribution to the objectives of Saudi Vision 2030.”
Awaser Investment Company is a leading family office operating under Shariah principles, that seeks sustainable and attractive investment opportunities across various asset classes. The company’s experienced team conducts thorough market research and due diligence to achieve attractive risk-adjusted returns.
GIB Capital, established in 2008, offers a comprehensive range of innovative and customised financial and investment banking products and solutions including asset management, equity capital markets advisory, mergers and acquisitions, debt capital markets, debt advisory, and brokerage services. With a strong presence in the Saudi market, GIB Capital is known for delivering exceptional financial advisory services to government-related entities, institutions, family businesses, and investors.