Alkhabeer Capital updates T&Cs of Alkhabeer REIT Fund

Logo of Alkhabeer REIT Fund

Alkhabeer Capital, fund manager of Alkhabeer REIT Fund, announced an update of the fund's terms and conditions (T&C), as of Nov. 30, 2023. 

In a statement to Tadawul today, Nov. 15, the fund manager provided a summary of the main updated items are as follows: 

1- Fund Directory: The fund’s appointed valuers list has been updated. 

2- Fund Summary: The following items were added to comply with the Capital Market Authority's circular regarding the fund manager’s compliance with the rules of zakat collection: 

-ZATCA Registration Expenses. 

- Zakat. 

The tax advisor’s fees have been updated. 

3- Risks of Investing in the Fund: 

- (Zakat and Income Tax Risks) statement has been updated to comply with CMA’s circular regarding the fund manager’s compliance with the rules of zakat collection. 

- The name of the ZATCA Authority has been updated with the following risks: 

a. Value-added tax risks; 

b. Real estate transaction tax risks; and 

c. Withholding tax risks. 

- Fees, Service Charges, Commissions and Management Fees: All items of the (fees, service charges, commissions and management fees) paragraph have been updated to be consistent with the following updates: 

- ZATCA registration expenses. 

- Tax advisor’s Fees. 

- Updating the calculation of independent directors’ remuneration to be calculated with the maximum range, as already mentioned in the first place, within the fund’s terms and conditions. 

6. Fund Assets: The list of Fund’s appointed valuers has been updated. 

7. Fund Board: 

- The data of the fund’s board of directors members paragraph has been updated. 

- The paragraph on conflict of interest has been updated to comply with relevant rules and regulations. 

8- Other information: (Zakat) statement has been updated to comply with CMA’s circular regarding the fund manager’s compliance with the rules of Zakat collection. 

-  Appendix (2) – Summary financial disclosure: The following items were added in order to comply with CMA’s circular regarding the fund manager’s compliance with the rules of zakat collection: 

- ZATCA registration expenses. 

- Zakat. 

9- Appendix (3) – Example of calculation of fees and the total expense ratio of the fund: 

All items of Appendix (3) paragraph have been updated to be consistent with the following updates: 

1- ZATCA registration expenses. 

2- Tax advisor’s fees. 

3- Updating the calculation of independent directors’ remuneration to be calculated with the maximum range, as already mentioned in the first place, within the fund’s terms and conditions.