News 2006

Dec 2006

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Samba Signs an Agreement with Omar Qasem Alesayi Group Company Ltd. for Management and Development of Samba's Real Estate Fund

Samba signed an Agreement with Omar Qasem Alesayi Group Company Ltd. for management and development of Samba's Real Estate Fund, which Samba intends to launch shortly. The Agreement was signed by Mr. Eisa M. Al-Eisa, Samba's Managing Director and CEO, and Mr. Mohammad Omar Alesayi, CEO of Omar Qasem Alesayi Group Ltd.

Signing this Agreement comes on the heel of Samba's recent announcement of its intention to launch a new Shariah Compliant Real Estate Fund, the first of its kind in the Kingdom under the umbrella of the Real Estate Investment Funds Regulation issued recently by the Capital Market Authority.

Mr. Al-Eisa commented on the event "I am so delighted to sign this Agreement with Omar Qasem Alesayi Group Ltd". "our selection of this pioneering group to manage and develop Samba's Real Estate fund came on the grounds of the established track record and broad qualifications of this Group which is leading the Kingdom's real estate development and management companies" Al-Eisa was quoted as saying.

"Samba places great significance on this Fund which will provide investors in the real estate sector with diversified array of investment solutions in tandem with their needs, add value to their works, back the national economy, and generate significant return on investment to the subscribers. Further, it crystallizes samba's premier developmental role in supporting the national economy and its developmental investment vision to embark upon innovative solutions in all vital sectors aiming at growing the investors' money" Al-Eisa added.

On the other side, Mr. Mohammad Omar Alesayi expressed his deep thanks to samba Financial Group for selection of Omar Qasem Alesayi Group Company Ltd. for management and development of Samba's Real Estate Fund, which reflects Samba's trust in the capabilities of the Group, which is widely acclaimed in the Kingdom as a leading firm in the real estate development, management and marketing, with established track record for over 50 years. Mr. Alesayi added " the group has three affiliates: Aqarat Real Estate Development Company, Assaudia Real Estate Development Company and Saudia Installment Services Company". "We can rely extensively on our teams of professionals who enjoy broad experience in the real estate industry, to satisfy Samba requirements" Alesayi added.