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NCB Capital Real Estate Fund raises SAR 280 million.

Shari'ah-compliant fund provides investment opportunity in Riyadh's growing residential real estate market NCB Capital has raised SAR 280 million from its private placement that has invested in the NCB Capital Real Estate Development Fund, a closed fund that invests in the development of residential villas in the north of Riyadh. The fund will remain closed for a period of three years, with the option of extending the investment period for an additional two terms each one is for one year.

Commenting on the successful closure of the fund, Tariq Linjawi, Head of Wealth Management at NCB Capital, said: "The fund was able in a very short period to attract investors looking for a Shari'ah-compliant investment opportunity.

"We managed to close subscription in the fund in record time due to investors' confidence in the solid Saudi economy and supported by the fast growth of the local real estate sector along with huge demand for residential units in the Kingdom."

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Publication:CPI Financial
Date:Feb 20, 2012
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