Investment Objectives of the Fund The Fund aims to invest in real estate within and outside of Saudi Arabia. The Fund's investments outside the Kingdom of Saudi Arabia will not exceed 25% of the Fund's assets.
Al Rashid Strip Mall (Owned): It is a commercial complex in the city of Riyadh in the Narjis District located on Othman bin Affan Road opposite the housing for the Institute of Public Administration. The
The mall has more than 250 stores including clothing, food, beverage and other services such as (4) floors. The mall has more than 250 stores, including clothing, food, beverages and other services such as entertainment, as well as many restaurants.
Citywalk Residential Building - Dubai (Owned): The City Walk Residential Building 2B overlooking the Burj Khalifa, consists of 69 residential units ranging from 1 room to 4 room units with many
It is connected to Al located in the center of Jazan, close to the commercial district and Jazan Corniche. It has 66 apartments, a health club with indoor swimming Madinah and connected to Al Rashid Mega Mall.
Al Rafiah Village (Owned): A residential complex located in Al-Rafiah District near the
Al Maather Villas Complex (Owned): A residential complex (compound) in the city of Riyadh in the neighborhood of Maather near King Faisal Specialist Hospital. It consists of seven (7) residential villas in
Average duration of the contract from the beginning of the contract to the end (years). The property manager is entitled to a fee of 5% of the net turnover for his services.
Commercial Sector
If the tenant wants to terminate the contract, then he must pay the full amount of the rent. In all cases, the Fund has full use of the asset from the date of creation of the Fund.
Commercial Sector
Contract Details ◼ The property manager is responsible for the full management of the property, which includes (a) collecting rent, (b) leasing, renewing, executing and enforcing existing leases on behalf of the owner, (c) day-to-day management of the property, including repairs and maintenance, (d) maintenance of a comprehensive financial management system covering all financial details of all cash flows and expenditures. The Fund agrees to pay all costs of maintaining and operating the property, including utilities, taxes, insurance and all other costs that enable the property manager to manage the property, including payments for improvements.
Commercial Sector
The first 5 years of the contract are binding on both parties, and then the property manager can terminate the contract with a notice period of 120 days provided the owner appoints an alternative property manager. The maximum amount that the Fund Manager can obtain if the property is fully let Occupancy ratio.
Hospitality Sector
According to the contract, the hotel manager is responsible for the management and operations of the hotel. The fund undertakes to pay all costs of maintaining and operating the property, including benefits, taxes, insurance and all other costs that enable the property manager to manage the property, including payments for.
Hospitality Sector
Neither party may reassign or sell this Agreement without the other party's prior consent, except in very specific circumstances as specified in the contract. The Agreement is governed by the laws of the United Kingdom and any dispute arising out of the litigation will be heard at the London International Arbitration Center located in the Dubai Financial Centre.
Hospitality Sector
This type of asset has an operator and is entirely dependent on the daily occupancy rate and not on any specific tenant of the asset. The duration of the contract is 10 years from the date of the foundation's creation and is automatically renewed for a period of 5 years, unless one of the parties announces its intention not to extend at least one year before the end of the contract.
Residential Sector
Costs of purchasing the property SAR Note 1: The building certificate was issued by Dubai Municipality. Contract details ◼ The property manager is responsible for the full management of the property for the fund, although tasks may be carried out by a subcontractor.
Residential Sector
The property manager will also assist the property owner in securing all necessary licenses and permits required to operate the property for its intended purpose. This contract is automatically renewed for a similar period after the end of its term, unless one of the parties is not interested in the extension and notifies 180 days before the end of the contract.
Residential Sector
The landlord can cancel the contract if the tenant fails to pay for 30 days after the payment due date or sublets the property without the landlord's consent. Contract details ◼ The property manager is responsible for the full management of the property for the fund, which includes (a) collection of rent, (b) leasing, renewal,.
Commercial Sector
The duration of the contracts Three years starting from August 2021, and the renewal takes place automatically - in accordance with the regulations set out in the state real estate rental system and the executive regulations of the state rental and eviction system. Termination of contracts The tenant may terminate the lease with the obligation to pay the full value of the lease, unless the property becomes unusable due to construction defects, if the site is dangerous or if the public interest so requires.
Commercial Sector
The maximum percentage of the fund's total assets according to the most recent audited accounts Income-producing property assets i. The maximum percentage of the fund's total value according to the most recent audited accounts Cash.
10 Risks of Investing in the Fund
This may reduce the value of the units and adversely affect the fund's performance. Increases and decreases in the value of the Fund's real estate assets will increase as the Fund uses leverage.
11 Subscription
The investor must have a current account in the main subscriber's name with NCB (if there is no account, a current account must be opened with NCB). In case of inability to transfer ownership of the original assets to the fund.
12 Trading of the Fund Units
13 Dividend Policy
14 Termination and Liquidation of the Fund
Unitholders and the CMA will be notified within 30 days of the occurrence of a termination event. The Fund Manager will carry out liquidation functions by closing the fund and distributing its assets to the unit owners, taking into account the interests of the unit owners.
15 Fees, services charges, commissions and management expenses
- Fees paid by unit owners upon participating in the fund Subscription
- Brokers fees Brokers Fees None
- For services provided by the Custodian
- For services provided by the Auditor
- Registration fees and other administrative services Property
- Other fees and expenses
These costs will be disclosed in the financial statement at the end of the year. Such expenses will be disclosed in the financial summary at the end of the year.
16 Insurance Contracts
- Commercial Sector – Al Rashid Mega Mall Madinah Insurance Company Gulf General Cooperative
- Commercial Sector – Al Rashid Mall Abha (Usufruct) Insurance Company Gulf General Cooperative
- Commercial Sector – Al Rashid Mall Jazan (Owned) Insurance Company Gulf General Cooperative
- Commercial Sector – Al Rashid Strip Mall (Owned) Insurance Company Gulf General Cooperative
- Hospitality Sector – Courtyard Marriott Hotel (4 Stars) (Owned) Insurance Company Gulf General Cooperative
- Hospitality Sector – Residence Inn by Marriott (4 Star Apartments) (Owned) Insurance Company Gulf General Cooperative
- Hospitality Sector – Al Rashid Residences (5 Star Apartments) (Owned) Insurance Company Gulf General Cooperative
- Residential Sector – Citywalk Residential Building - Dubai (Owned) Insurance Company Royal & Sun Alliance Insurance Company (1)
- Residential Sector – Al Rafiah Village (Owned) Insurance Company Gulf General Cooperative
- Residential Sector – Al Maather Villas Complex (Owned) Insurance Company Gulf General Cooperative
- Commercial Sector – Office Building (Owned) Property 12 – Commercial Sector – Office Building (Owned)
The Fund Manager acknowledges that the fees set out in the table above are all fees charged to the Fund during the Fund Period. The fund manager is fully responsible for calculating and charging the fees stated in the table above.
17 The Fund’s Assets
- Names of the accredited valuers to the fund's assets Accredited Valuers
- Method of Asset Valuation
- Cost of Valuation for Each Asset
- Number and Timing of Valuation
For the purposes of determining the value of the real estate assets, the Fund Manager will use the average of the valuations carried out by two (or more) independent appraisers licensed by the Saudi Authority of Appraisers. The announcement will be made through the website of the Saudi Stock Exchange (Tadawul) and the fund manager's website.
18 Fund Board
The remuneration paid to the fund's board members will be SAR 100,000 (one hundred thousand rials) per member per year. Act in good faith, with reasonable care and diligence to achieve the general interests of the Fund and Unitholders.
19 Fund Manager
The fund manager's creditors have no interest in any of the fund's assets. A summary of the fund manager's asset management structure and the total value of assets under management.
20 Legal Advisor
We cater to the needs of financial institutions by constantly developing new and innovative services in sales trading, custody and sukuk agency services. In addition, we facilitate access to the Saudi stock market for Qualified Foreign Investors (QFIs) and provide them with numerous services.
21 Custodian
We are actively involved in raising capital through the equity and debt capital markets and providing strategic advice and advisory services on mergers and acquisitions in the Kingdom of Saudi Arabia and the region. Our services include advice and mediation of sukuk and bonds, stock market listings, rights issues, private placements, mergers and acquisitions as well as capital and debt restructuring.
Assets Under Management
Cancellation, withdrawal or suspension of the custodian's license to practice surveillance activity by the Authority. The fund manager can dismiss the custodian by written notice if he is reasonably of the opinion that the.
22 Property Manager
The Custodian terminates the exercise of custody activity without notifying the Authority in accordance with the Regulation of Financial Market Institutions. Submit an application to the Authority by the custodian to cancel his license to practice custodial activity.
23 Auditor
24 Financial Statements
25 Conflict of Interest
For example, certain subsidiaries of Saudi Fransi Capital may provide certain services to the Fund, such as administrative services. From the date of these Conditions, the Fund Board consists of members appointed by the Manager.
26 Reporting to Unitholders
All transactions between the fund and the fund manager, its affiliates and entities in which Saudi Fransi Capital has a direct or indirect interest will be disclosed by the fund manager to the fund board. It should be noted that Suleiman al-Rashed is an indirect shareholder of the Saudi Bonyan Company, which is the fund's property manager and is also considered a seller of the fund's assets and a non-.
27 Meeting of Unitholders
The fund manager must obtain the consent of the unit owners for any proposed fundamental change of the fund. The quorum required for holding a general meeting of property unit holders is the number of property unit holders who together have at least 25% of the value of the fund's property units.
28 List of Unitholders Rights
A resolution of the Unitholders will be enforceable subject to the consent of Unitholders owning 50% of the total Fund Units attending the meeting, whether in person, by proxy or via technological means. A resolution of the Unitholders will be enforceable subject to the consent of Unitholders owning 50% of the total Fund Units attending the meeting, whether in person, by proxy or via technological means.
29 Other Information
Interruption in the fund's core activities equal to or greater than 5% of gross income according to the latest audited annual accounts. The foundation signed contracts for the members of the foundation's board and Mr.
30 There are no additional information requirements for other types of Funds
Any process that may affect the fund's results or the value of its shares. The fund manager must appoint independent valuers to value the property in order to arrive at the property's market value.
31 Shariah Board
32 Unit Characteristics
33 Amending the Fund's terms and conditions
34 The Fund Manager's Declarations
The Manager recognizes that unit holders have the right to vote on matters that are discussed at the meeting of unit holders. The Manager acknowledges that all comments received in the technical and legal due diligence report have been made public in the terms and conditions.
35 Governing Laws
The Fund Manager acknowledges that all contracts and agreements related to the Fund have been. The Fund Manager recognizes the sustainability and solvency of the activities of the main real estate tenants.
36 Acknowledgment from the Unitholder
