Jadwa Al Haramain unit holders to vote on amending investment concentration in Makkah, Madinah

Jadwa REIT Al Haramain Fund unit holders are set to vote on amending the real estate investment concentration ratio in Makkah and Madinah during a meeting slated for Oct. 15, 2020, the fund manager Jadwa Investment said in a bourse statement.

The unit holders will discuss reducing the ratio to at least 60% of the fund's total assets, instead of no less than 100% of the total value of fund's assets currently.

The agenda items also include voting on expanding the geographical scope of the fund's investments beyond Makkah and Madinah, to include the rest of the Kingdom, at a maximum of 40% of the fund's total assets.

The company added that unit holders will vote on allowing an option for investment in real estate assets outside Saudi Arabia, at a maximum of 25% of the fund's total assets. The unit holders will also discuss updating the fund's other investments while keeping the allotment ratio unchanged at a maximum of 25% of the fund's total assets, and adding the following:
 

1) Repurchase agreements and usufruct rights .

2) Cash and cash equivalents and money market funds .

3) Units in mutual funds and private equity funds that invest in the real estate sector, whether offered to the public or in a private placement, and whether managed by a fund manager or any other person, provided that all these investments are Sharia-compliant and licensed by the Capital Market Authority (CMA).