Number of real estate investment funds reached 58 funds between public and private
- Saudi Arabia: Monday, February 11 - 2013 at 16:01
- PRESS RELEASE
The President of the Capital Market Authority, Dr. Mohammed Bin Abdul Malak Al-Sheikh, announced that the number of real estate investment funds reached 58 funds between public and private, stating that he has noted a growing demand from investment companies to participate with real estate developers to offer more real estate investment funds.
Dr. Al-Sheikh indicated in his speech during the events of the Real Estate Investment Fund Forum, held on Saturday in Riyadh, and delivered on his behalf by Dr. Abdulrahman Al-Barrak, member of the Capital Market Authority's Board, that the Authority's efforts to develop the market and strengthen its capabilities are reflected in raising the level of transparency and disclosure, supporting legislative structure, and preserving the rights of shareholders to invest in financial instruments as licensed by the Authority.
Dr. Al-Sheikh also pointed out, "The Authority has completed the issuance of most implementing regulations, including the regulation of Real Estate Investment Funds, which are subject like other regulations, to revisions and updates from time to time according to what is observed after the implementation."
Dr. Al-Sheikh added, "The investment in real estate remains a favorite investment for many citizens. In recent years, the real estate sector witnessed remarkable development with increasing economic growth and government spending on infrastructure. He also stressed that this collective investment in the real estate sector will allow investors, especially the small ones, to benefit from their savings. Therefore, the Capital Market Authority has issued the regulation for the Real Estate Investment Fund to organize the investment in this sector, away from the unorganized real estate contributions."
The President of the Capital Market Authority stated that the Regulation came to support the controlled collective investment in the real estate market through licensed companies. These are subject to the supervision and control of the Authority and to the Governance laws. Dr. Al-Sheikh also drew the attention to the double effort of the Authority to explain the Regulation and clarify its benefits for investors and businessmen.
Dr. Al-Sheikh stressed in his speech that the Real Estate Investment Fund Regulation includes a lot of opportunities and possibilities. It also allows for organizing the real estate investment funds of similar projects. Meanwhile the Authority is counting on the cooperation between the Authority and the fund managers, real estate developers and investors in order to provide more investment opportunities through these funds.
He reported that the Capital Market Authority is working to develop more regulations and to address shortcomings, and welcomes comments and views on all regulations of the Authority.
Following his speech, Dr. Al-Sheikh honored the following figures for their contribution in the success of the Forum: His Excellency Mr. Sagr Bin Abdullah Al-Sagr, Managing Director of KSB Capital Group, Mr. Ali Bin Abdul Rahman Al-Guwaiz, CEO of Riyadh Capital, Mr. Yasser Al-Ramian CEO - of Saudi Fransi Capital Co., Mr. Gawaref Shah, CEO of Al Rajhi Capital, Mr. Ziad Tariq Aba Al-Khail, CEO and Managing Director of Al Jazeera Capital, and Dr. Salman Bin Abdullah Al-Saidan, Chairman of Salman Bin Saidan Group. In addition, the moderators were also honored; they are Mr. Hussein Al-Athel, Secretary General of Riyadh Chamber of Commerce and Industry and Dr. Abdul Rahman Al-Hamid, partner of the National Consulting House.
The Forum, organized and sponsored by the Capital Market Authority, in the presence of a large number of experts and specialists and interested persons as well as the owners and employees of companies and institutions in the financial and property sectors and is held within the awareness campaign for the real estate investment funds in Faisaliah Hotel in Riyadh is considered as a regulatory shift for the market that ensures transparency between the investor and developer.
The Forum events was participated by a number of specialized speakers in the field of real estate investment funds, in addition to a group of sponsors; they are: KSB Capital Group, the strategic sponsor, Saudi Fransi Capital Co, Riyadh Capital Company, the diamond sponsor, Al Rajhi Capital and Al Jazirah Capital as platinum sponsor and Salman Bin Saidan Real Estate Group, the Gold Sponsor.
The Capital Market Authority seeks to raise awareness for the real estate investment funds through organizing media campaigns, seminars, workshops and many meetings to offer more details on the real estate investment funds and how it collected many of the positive points in the real estate investment, most importantly the confidence in their management, where the Capital Market Authority requires for granting license for a real estate investment fund manager to be a licensed capital company and approved by the Saudi Capital Market Authority and is characterized by transparency and disclosure that is imposed by the regulation of real estate investment funds and it also ensures the safety of the legal procedures for such funds.
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