Sneak peek at Saudi Arabia's emerging REIT market

In November 2016, Saudi Stock Exchange (Tadawul) authorized the listing and trading of real estate investment traded funds (REITs) on local stock market. Since then, eight funds were listed and started trading, and seven initiated listing procedure, but have not started trading yet.

Al Rajhi REIT topped listed funds by assets under management (AUM) at SAR 1.62 billion, followed by Jadwa REIT Saudi with an asset worth of SAR 1.58 billion.

The following table lists all 15 REITs by asset size and listing status:

REITs arranged by Asset Size
Order	REIT	Listing date	Fund Size (SAR mln)
1	Al Rajhi REIT	Open for subscription	1621.9
2	Jadwa REIT Saudi	Open for subscription	1580.0
3	Al Ahli REIT (1)	Jan. 8, 2018	1375.0
4	Derayah REIT	Subscription Closed	1172.0
5	Wasatah REIT	Not listed yet	1080.0
6	Musharaka REIT	Oct. 2, 2017	880.0
7	AlNefaie – Umm Alqura REIT Fund	Not listed yet	692.0
8	Mulkia REIT	Nov. 5, 2017	677.0*
9	Jadwa REIT AlHaramain	April 30, 2017	660.0
10	SEDCO Capital REIT	Not listed yet	650.0
11	AlMa'athar REIT	Aug. 22, 2017	613.7
12	Al Masha’ar REIT	Not listed yet	572.4
13	Riyadh REIT	Nov. 13, 2016	500.0
14	Taleem REIT	May 30, 2017	285.0
15	AlJazira Mawten REIT	Feb. 15, 2017	118.0

*Acquired a property on Jan. 8 thereby increasing fund size to SAR 677 million from SAR 600 million.

N.B: Swicorp Wabel REIT was not included for lack of information.

Constituent assets of the 15 REITs announced and listed, span 81 fully-developed properties, two usufructs, and three real estate projects under development. The following table lists REITs by property segment and number of assets held by each:

REIT by number of properties held
Order	REIT	Property Segment	Number of Assets
1	Al Rajhi REIT	Commercial, offices, educational,, warehouses	13 fully developed and owned properties
2	Derayah REIT	Residential, offices, stores, warehouses and hospitality	12 fully developed and owned 2 usufructs 1 under development
3	AlMa'athar REIT	Office, warehouses, residential, stores	11 fully developed and owned 1 under development
4	SEDCO Capital REIT	Hotels, commercial, offices, residential	7 fully developed and owned
5	Riyadh REIT	Offices, hospitality and hotels, stores	6 fully developed and owned 1 under development
6	Mulkia REIT	Residential, industrial, offices,stores	4 fully developed and owned 1 fully developed, 76% owned *
7	Musharaka REIT	Residential, warehouses, hospitality and hotels	5 fully developed and owned
8	Jadwa REIT Saudi	Residential, commercial, warehpuses, educational	5 fully developed and owned
9	AlNefaie – Umm Alqura REIT Fund	Hotels, commercial	4 fully developed and owned
10	Al Masha’ar REIT	Hospitality and hotels, stores	3 fully developed and owned
11	Wasatah REIT	Hotels	2 fully developed and owned
12	Jadwa Reit AlHaramain Fund	Hospitality and hotels, stores	4 fully developed and owned ***
13	Al-Ahli REIT (1)	Hospitality and hotels, stores	2 fully developed and owned
14	AlJazira Mawten REIT	Warehouses	1 fully developed and owned (Contains 6 warehouses)
15	Taleem REIT	Educational	1 fully developed and owned

* Acquired 76% of a property in Riyadh post listing.

** Acquired a property in Riyadh post listing.

*** acquired two properties in Makkah post listing.

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