By the end of 2025, the total assets of real estate investment trusts (REITs) listed on the Saudi Stock Exchange reached 31.9 billion riyals, marking a 6.7% increase compared to 29.9 billion riyals at the end of 2024, equivalent to an increase of 2.02 billion riyals. This growth was driven by a capital increase for the “Al-Waha REIT” fund, listed on the NOMU market, which saw an additional offering worth 24.9 million riyals, with a subscription ratio exceeding 109%, raising the capital from 150 million riyals to 198 million riyals, as well as expansions by several other funds through borrowing and the acquisition of developed properties for lease.

Among the funds that recorded the largest increase in assets was the “SEDCO Capital REIT,” which added approximately 1.15 billion riyals in loan financing, representing a growth rate of 46.6%. In 2025, the fund signed a contract to purchase the “Atelier Lavi” property in Jeddah for 515 million riyals, and increased its available banking facilities to 1.869 billion riyals, thereby strengthening its ability to acquire new assets.

Bonyan REIT

In mid-August 2025, the “Bonyan REIT” Fund also completed the transfer of ownership of an office tower in the Al-Sahafa neighborhood of Riyadh for 225 million riyals, with financing compliant with Islamic Sharia. The assets of the “Al-Inmaa Retail REIT” rose by 25.8% to reach 1.476 billion riyals following the signing of an agreement to purchase an office property in the Al-Qayrawan district of Riyadh.

In contrast, the “Riyadh REIT” fund saw the largest decline in its assets during the year, with its assets falling to 2.697 billion riyals—a decrease of 223 million riyals compared to 2024—as a result of the sale of several properties, including “Al-Shati Tower” in Dammam and the “Al-Izdihar” property in Riyadh.

On another note, the assets of the “Ta’lim REIT” fund rose by 32.2% to reach 1.134 billion riyals, driven by acquisitions and expansions at Al-Yasmin Schools and Islamic Education Schools.

As for the funds" net assets, they rose to 19.5 billion riyals in 2025 compared to 18.6 billion riyals in 2024, however, 10 funds saw a decline in their net assets ranging from 0.4% to 22.1%, while 10 other funds recorded increases ranging from 2.1% to 60.2%.

Market Capitalization

In terms of market capitalization, the total market capitalization of REITs fell to 14.9 billion riyals at the end of 2025, compared to 16.2 billion riyals in 2024, a decrease of 7.9%, equivalent to 1.283 billion riyals. Seventeen funds saw their market value decline, while only three funds saw an increase: ”Bonyan REIT” by 10.8%, ”Al-Waha REIT” by 7%, and ”Al-Aziziyah REIT" by 2%.

Key developments in REIT assets in 2025 compared to 2024:

SEDCO Capital REIT: Assets rose to 3.632 billion riyals, a 46.6% increase.

Al Rajhi REIT: Assets remained stable at 3.185 billion riyals, a slight increase of 1.4%.

Bonyan REIT: Strong growth, with assets increasing to 2.914 billion riyals, up 36%.

Jadwa Saudi REIT: Assets remained nearly stable at 2.787 billion riyals.

Riyadh REIT: Assets decreased to 2.697 billion riyals, a decline of 7.6%.

Taaleem REIT: Assets rose by 32.2% to reach 1.134 billion riyals.

Al-Inmaa Retail REIT: A notable increase to 1.476 billion riyals.

Summary of REIT market capitalization at the end of 2025:

Jadwa Saudi REIT led the market capitalization gains with 2.083 billion riyals, an increase of 10.8%.

Al-Waha REIT reached a market value of 192 million riyals, an increase of 7%.

Al-Aziziyah REIT recorded a 2% increase, reaching 231 million riyals.

In contrast, REITs such as ”Riyadh REIT” and ”SEDCO Capital REIT” saw notable market declines of 27.1% and 20.1%, respectively.