NCB Capital raises $40m for residential fund
Jeddah, August 27, 2013
NCB Capital, a Saudi Arabia-based wealth and asset manager, has closed its AlAhli AlKhayyal Residential Development fund after reaching its target of SR150 million ($40 million).
Faisal Badran, head of Asset Management, said: “The keen response of our clients to invest in the Diyar AlKhayyal fund reflects the high demand for quality housing in Saudi Arabia where the residential real estate sector continues to thrive, stimulated by the increasing number of upper-middle class families.”
Under the terms of a recently signed development agreement with Diyar AlKhayyal Real Estate Development. NCB Capital will be the fund manager while Diyar AlKhayyal will be the developer of residential real estate projects in Jeddah.
Diyar AlKhayyal Real Estate Development is a leading firm specialised in developing housing projects for upper-middle class families in Jeddah.
In order to meet the needs of its target segment and to understand the circumstances that make home ownership difficult for upper-middle class families, Diyar Al-Khayyal analyzed a number of studies, taking into consideration population growth rates and demographic trends in the area as well as other economic and social factors. - TradeArabia News Service