Jadwa REIT Al Haramain says amendments to fund’s terms and conditions to take effect on Nov.3

Jadwa Investment Company announced in a bourse filing that the effective date of the basic changes to the terms and conditions of Jadwa REIT Al Haramain Fund, based on the approval of the unit owners during the meeting held on Oct. 15, will be on Nov. 3, 2020.

According to data compiled by Argaam, unitholders approved amending the percentage of asset allocation in Makkah and Madinah to 60% of the fund's total asset value, instead of at least 100% of the total asset value.

They also approved 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 asset value.

In addition, unitholders approved allowing investment in real estate assets outside Saudi Arabia, at a maximum of 25% of the fund's total assets.

They also agreed to update 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) Buy-back and leasehold agreements.

2) Cash and money market funds.

3) Units in real estate investment funds, whether it was private or publicly listed, and whether it was managed by the fund manager or any fund manager, as long as it is Shariah-compliant and Capital Market Authority (CMA) regulated fund.