By: Amr Adel
Dubai – Mubasher: Dubai-listed SHUAA Capital plans to launch a Saudi real estate fund valued at SAR 1 billion ($266.53 million) within two weeks after meeting capital requirements, according to chairman Jassem Al Siddiqi.
The current SHUAA Saudi Hospitality Fund I is expected see positive results in the near future, he added in a press conference in Dubai.
Centro Shaheen is completed in Jeddah, while Centro Waha Riyadh and Dammam Rayhaan are in the furnishings stages.
SHUAA Capital Saudi Arabia (SCSA) is handling the construction and development of these three hotels.
Established in partnership with Rotana Hotel Management Company, SHUAA Saudi Hospitality Fund I is a close-ended real estate investment fund launched by SCSA in August 2008.
Translated by: Julian Nabil
