Musharaka Capital announces the success of the launch of the “La Perla” Fund
26 January 2021
Musharaka Financial Company is pleased to announce the successful launch of the “La Perla” Fund, a closed-end private real estate investment fund. The fund has completed the acquisition of the target land, a raw plot located on the Corniche of Khobar City in the Eastern Province. The land occupies a prime and strategic location on the northern side of the Corniche, covering a total area of 180,000 square meters.
The location of the land is one of the most important and prominent areas in the heart of Khobar City. It is situated in the middle of the new waterfront area of Khobar, which is considered one of the best tourist and recreational destinations in the Kingdom, giving the land a significant competitive advantage in generating high demand for any projects developed on it.
Commenting on this acquisition, Mr. Ibrahim Fadhel Al-Asaf, CEO of Musharaka Financial Company, said: “The acquisition of the land is the first phase, as the company plans to later establish various investment products and enter into strategic partnerships aimed at developing the land. The location of the land allows for the creation of numerous projects with different modern visions, enabling investors to keep up with the economic, recreational, and tourism transformations brought about by the Kingdom’s Vision 2030, which contributes to improving the quality of life and building a balanced lifestyle for individuals, by preparing the necessary infrastructure and environment to create new opportunities that enhance investor participation in the project.”
It is worth noting that Musharaka Financial Company was established in 2013 and operates under the license of the Capital Market Authority (License No. 27-13169) for dealing as an originator, managing investment funds, managing client portfolios, arranging, providing advice, and custody in securities. Musharaka offers its products and services through a specialized team in the investment field in line with the Kingdom’s Vision 2030 and ensures that all investment opportunities it provides are compliant with Islamic Sharia law.
The “La Perla” Fund is a closed-end private real estate investment fund, compliant with Sharia investment guidelines, established in accordance with the investment fund regulations issued by the Capital Market Authority in the Kingdom of Saudi Arabia.