The board of directors of the «Al-Ahli REIT 1» fund has approved the appointment of Al-Andalus Real Estate Company as the operator of Al-Andalus Mall, with the current operator, Hamat Real Estate Company, being replaced by the new operator. Al-Ahli Financial Company stated that Al-Andalus Real Estate Company (the new operator) owns more than 5% of the fund’s units; in addition to being the fund’s real estate agent, it is considered a related party.
The «Al-Ahli REIT 1» fund is a Sharia-compliant publicly traded real estate investment trust with assets under management totaling 1,375 million riyals. The fund aims to provide periodic rental income to unit holders by investing primarily in developed, income-generating real estate assets, in addition to achieving growth in the fund’s total asset value. The fund also aims to distribute cash dividends twice a year to unit holders in an amount of no less than 90% of the fund’s annual net profits.
