BLOOMINVEST Saudi Arabia – manager of Manazel Makkah Real Estate Fund – has completed the fund offering that reached SR103 million within 25 days since its offer to investors. Abdullah Al-Rushood, Executive President of Bloominvest Saudi Arabia, said the completion within a short time reflects the confidence of subscribers in real estate investment in Makkah in general, and residential investment in particular. The Manazel Makkah Real Estate Fund that is being developed by Bait Al-Mutawireen Company is a medium-term real estate fund within the rules by the Capital Market Authority (CMA). The fund is for 24 months. After chairing the first Board of Directors meeting marking the beginning of the fund's activities and approving the main contracts in the project, Al-Rushood added that Bloominvest Saudi Arabia for Investment is making preparations for offering new real estate funds during the current year. He added that Manazel Makkah Real Estate Fund has targeted establishments and individuals who are seeking to achieve good returns with a low risk. He noted that the fund's work focuses on purchasing residential plots in Batha Quraish area in Makkah and building nearly 250 residential apartments and then selling them. The returns are then distributed within 24 months. He added that Manazel Makkah Real Estate Fund provides the possibility of withdrawal by offering the owned units for sale any time within the internal circulation (tadawul) system provided by the company free of charge. — SG
