NCB Capital, the GCC’s leading wealth manager and the Kingdom’s largest asset manager, has announced that it has now closed its AlAhli AlKhayyal Residential Development fund after reaching its target of SR 150 million.
Commenting on the successful closure of the fund, Faisal Badran, Head of Asset Management at NCB Capital, 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 specialized 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.
NCB Capital is the winner of numerous prestigious awards for its success as an innovative provider of investment products across a diverse range of sectors. Its decision to participate in the high end of the kingdom’s real estate market supports the call from the Government of the Custodian of the Two Holy Mosques, King Abdullah bin Abdulaziz, for the private sector to play a greater role in facilitating homeownership for Saudi citizens.