Bilad Financial Company announced the success of the second offering of Al-Bilad Hospitality Fund in Makkah, an income-generating real estate investment fund compliant with the Shariah Commission's regulations, which was offered as a closed private placement for 440 million riyals on 15/8/2017 and the fund's capital was raised to 1,140,000,000 riyals.

Bilad Financial Company announced the success of the second offering. <In this regard, Mr. Al Hassan Kassous, CEO of Albilad Capital, said: “The participation of investors in the Albilad Hospitality Fund in Makkah confirms their confidence in our leading position and investment tools stemming from our ambitious strategy for growth and expansion in accordance with Shari'ah regulations.” The Albilad Hospitality Fund in Makkah owns 55 residential units consisting of apartments, villas and penthouses all located in towers within the Jabal Omar project, which are characterized by their proximity to the Holy Mosque and some of them overlooking it, and were leased to Jabal Omar Company and are currently managed by the Hilton Hotel, and Al Bilad Hospitality Fund will continue for a period of 5 years from the date of the first offering with the possibility of extension for an additional year.

It is worth mentioning that Albilad Financial Company is the investment banking arm of Albilad Bank, operating in compliance with Shari'ah Board regulations with a capital of SAR 200,000,000, headquartered in Riyadh, King Fahd Road, Smart Tower - First Floor and authorized by the Saudi Capital Market Authority (License No. 37-08100).

Bilad Hospitality Fund will be managed by Albilad Financial Company.