Shuaa Capital, a company listed on the Dubai Financial Market, plans to launch a real estate fund in Saudi Arabia worth 1 billion riyals ($266.53 million) within two weeks after raising the necessary capital.

The company’s Chairman, Jassim Al-Sadiqi, confirmed at a press conference that the current “Shuaa Saudi Hotel Fund 1” is poised to deliver strong results.

He added that the “Centro Shaheen” hotel in Jeddah has been completed, while the “Centro Oasis Riyadh” in the capital is in the finishing stages, in addition to another hotel, “Dana Rayhan,” in Dammam.

The fund is a closed-end fund active in real estate investment. It was established in 2008 in partnership with Rotana Hotel Management with a capital of $145 million (535 million riyals).

Shuaa Capital wholly owns seven companies: Shuaa Capital Saudi Arabia, Gulf Finance Corporation, Shuaa Capital International Limited, Shuaa Asset Management Limited, Shuaa Securities, and Shuaa Securities – Egypt, and Gulf Finance Saudi Arabia.

Shuaa Capital holds a 94.31% stake in Asia Economic Consultancy Limited. It also holds stakes of less than 50% in Saptak Holding Limited, Madina Engineering & Contracting – Sharjah, Shuaa Saudi Hospitality Fund 1 LP, Shuaa Hospitality Fund 1 LP, Gulf Commercial Bank, Amwal International Investment, and Amanat Holding.