Swicorp, a leading CMA-regulated asset management, private equity, and investment banking firm with a specific regional focus on the Middle East and North Africa (MENA) region, has successfully raised SAR 152 million – including SAR 76 million in equity and SAR 76 million in a loan facility from a local bank – for Ewan Al-Maali Real Estate Development Fund.
The private Fund was established by Swicorp in partnership with Retal Urban Development Company (“Retal”), a fast-growing urban developer in Saudi Arabia. Retal will develop and sell 76 luxury villas in Al-Khobar, Eastern Province, Saudi Arabia. The project, which spans over a total area of 35,024 sqm, is strategically located near the new Khobar Corniche and major universities, shopping hubs and business centers. The villas are of 3 different sizes and are characterized by innovative architectural designs, high quality materials and latest technology. Construction is already well advanced and should be completed by mid-2018.
Ewan Al-Maali Real Estate Development Fund follows the successful launch by Swicorp and Retal of two other development funds, Al-Dhawahi and Al-Qayrawan.
In a recent interview, Daniel Schenker, CEO of Swicorp said: “We are thrilled to announce the launch of the Al-Maali Real Estate Development Fund. Its successful structuring and financing will be a great contribution to the development of the real estate sector in the Kingdom. We are also proud of our successful relationship with Retal. We will continue investing our expertise in asset management and real estate financing to deliver high-performing funds and support top-notch projects for the benefit of our clients and investors”.
On another note, Eng. Abdullah Al-Braikan, CEO of Retal, added: “Ewan Al-Maali is a milestone in the development of luxury residential projects in the Kingdom. The masterplan was carefully chosen and designed based on its strategic location in the Eastern Province. The project is an example of a modern urban development that offers highly unique products that match customers’ aspirations. We are excited by the successful launch of the Fund and by the continuation of our successful relationship with Swicorp”.
Dr. Sultan Almasoud & Partners in association with Shearman & Sterling LLP acted as legal advisor to the Fund.