Riyad Capital’s assets under management surge to SAR 6 bln in 2019

Riyad Capital’s assets under management (AUM) have surged to SAR 6 billion in 2019 from SAR 300 million in 2011, Abdulaziz Almosa, head of Real Estate Investments, told Argaam in an exclusive interview.

“The investment bank eyes SAR 15 billion in AUMs by 2022,” Almosa said on the sidelines of Riyad Capital’s second investment forum.

The company’s outlook is positive for growth in the Saudi real estate market, across the residential, commercial and entertainment sectors.

Saudi Arabia’s property market is worth SAR 1.5 trillion, Almosa added, expecting real estate consortiums to launch more investments in the Kingdom.

This tendency will be backed by banks’ openness and growing interest in mortgage finance.

“Going forward, Riyad Capital will focus on income-generating assets outside the Kingdom, along with real estate development activities,” he noted.

Additionally, the investment bank is in advanced stages to offer its third REIT in the market with over SAR 2 billion in capital.

“The new vehicle will be offered soon in a private placement for shareholders in the investment sector,” Almosa said.

Elsewhere, the top official said Ascott Hotel is in the final stages of completion and is expected to begin operations in Q4 2019 after obtaining the required license and regulatory approvals.

The five-star hotel comprises 174 luxury apartments and other services areas.

Riyad Capital also signed a deal with Hilton Group to operate its three-star Al Fursan Towers project. 

Bids will be invited for the project in early 2020, and construction is likely to continue from 12 months to 18 months, Almosa concluded.