The board of directors of the \u00abAl-Ahli REIT 1\u00bb 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 said that Al-Andalus Real Estate (the new operator) owns more than 5% of the fund\u2019s units; in addition to being the fund\u2019s real estate agent, it is considered a related party.<\/p>\n
The \u00abAl-Ahli REIT 1\u00bb fund is a Sharia-compliant publicly traded real estate investment fund with assets under management of 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\u2019s total asset value. The fund also aims to distribute cash dividends twice a year to unit holders in an amount not less than 90% of the fund\u2019s annual net profits.<\/p>","protected":false},"excerpt":{"rendered":"
Reading time: <\/span> < 1<\/span> Minute<\/span><\/span>The board of directors of Al Ahli REIT 1 has approved the appointment of Al Andalus Real Estate as the operator of Al Andalus Mall, replacing the current operator, Hamat Real Estate, with the new operator. Al-Andalus Real Estate (the new operator) owns more than 5% of the fund's units and, in addition to being the fund's real estate agent, is considered a related party, Al Ahli Financial said. The Al Ahli ... 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