With a capital of 1.35 billion riyals, Suicorp launched the Suicorp Makkah Gateway Real Estate Development Fund, to engage in real estate investment in accordance with the regulations of the Capital Market Authority. The fund has a term of 3 years, renewable for two periods of one year each.

The fund is a closed-end fund operating in accordance with Sharia principles. According to the statement, the fund aims according to the statement, to increase the value of investors’ contributions over the medium term by developing a strategic master plan in Makkah and selling it as fully developed residential and commercial plots, in line with the rapid growth and positive outlook of the Makkah real estate market under the Kingdom’s Vision 2030.

The development covers an area of 1.7 million square meters and is located entirely within the boundaries of the Haram, adjacent to the model of the Holy Quran, The statement noted that the project will be developed by Makkah Gateway, a subsidiary of Al-Balad Al-Amin Company, which is wholly owned by the Saudi government. Al-Balad Al-Amin is one of the fund’s major shareholders, with an in-kind contribution of 400 million riyals.

The fund is open to all citizens, as well as Saudi companies and investment funds, through Suicorp or specific branches of the Arab National Bank (the receiving bank). The minimum investment is 50,000 riyals per investor.