Grew by 28.26% during the first 7 months of establishment
Al Eisa: The Annualized Return of Samba Real Estate Fund Leaps by 48% by the End of September
Mr. Eisa M. Al Eisa, Managing Director and Chief Executive Officer of Samba Financial Group, announced that Samba Real Estate Fund's profits has jumped up by 28.26% as at the end of September 2007. The Fund's unit rose to SR12.8259, representing an annualized growth rate of 48%. This is a record performance during only 7 months since launching the Fund by Samba Financial Group in collaboration with Omar Qasem Alesayi Group, in responsiveness to the flourishing real estate market in the Kingdom and the underlying promising investment opportunities.
Al Eisa ascertained that the continuous growth of the Fund and its high returns reflect the success of this initiative and the Samba's endeavors to cater to the economical and investment developments in the local markets and its ability to embark upon investment opportunities of high return potentials to investors. The Fund has posted 19.44% in profits during its four months after launch thanks to the experienced management and professional team and the pursuit to select the inviting real estate investment solution.
Al Eisa pointed out that Samba's Real Estate Fund endeavors to offer to its investors a wide array of Shariah compliant investment options based on the integrated real estate solutions developed by Omar Qasem Alesayi Group through its real estate specialized subsidiaries, as being the Fund Manger due to its extensive experience in this domain.
Al Eisa referred to the previously announced Fund's projects jointly with Omar Qasem Alesayi Group Ltd. in Makkah and Jeddah totaling in area to approximately 4 million square meters, including commercial, residential and industrial projects, such as Rabwat Makkah Project (one million square meters), which aims at constructing an integrated residential plan, in addition to 3 other projects in Jeddah, that align with the Fund's objectives to grow its customers' savings and investments on medium and long term, through investing mainly in acquisition, development and selling of residential, commercial and industrial lands; acquisition, development and selling of existing buildings; investing in listed local real estate companies; and investing in equities of Saudi joint stock real estate companies upon offering them for initial public offering.