JEDDAH – Alkhabeer Capital, a prominent asset management company specializing in alternative investments, announced Wednesday that the offering of Alkhabeer Waqf Fund I units began on October 1 2019 and will continue until December 2, 2019.

Alkhabeer Waqf Fund I is an open-ended publicly listed Waqf investment fund approved by the Capital Market Authority and the General Authority for Awqaf. It intends to distribute a dividend income of at least 75% to fund the programs of the Majid bin Abdul Aziz Society for Development and Social Services.

The fund will provide a sustainable source of income to financially support many of Majid Society’s programs and initiatives, in collaboration and partnership with various stakeholders. It aims to empower individuals and households with particular emphasis on youths and entrepreneurs, to help develop their competencies and nurture their enterprises.

Ahmed Ghouth, Chief Executive Officer of Alkhabeer Capital, said: “We are looking forward to the positive effects this Fund will generate to support and develop our communities and to enable our youth to enter the Saudi labor market and contribute to the realization of the Kingdom’s Vision 2030. Today, thanks to our partnership with Majid Society, one of the major community support providers in Saudi Arabia, the Fund allows our individual investors the opportunity to contribute to this initiative.”

Headquartered in Jeddah in the Kingdom of Saudi Arabia, Alkhabeer Capital specializes in alternative investment and investment services. — SG