Swicorp, Bawabat Makkah establish SR1bn real estate development fund

MAKKAH – Dr. Osama Albar, Mayor of Makkah and Chairman of the Board of Directors of Bawabat Makkah Company, a wholly-owned subsidiary of Al Balad Al Ameen (the real estate development and investment arm of the Makkah Municipality), has signed an agreement with Swicorp, a CMA-licensed investment bank, to jointly launch the Bawabat Makkah 1st Real Estate Development Fund.

Eng. Essam Kalthoum, Managing Director of Bawabat Makkah Company, said Bawabat Makkah 1st Real Estate Development Fund involves the development of a 1.5 million sqm site which is located inside the Bawabat Makkah area between Makkah-Jeddah highway and Al Lith Highway. Expected to be launched by the second quarter of 2014, the SR1 billion fund will be aimed principally, after securing required CMA approval at the retail investors, to allow the public to participate in an attractive real estate development opportunity.

Kamel Lazaar, Founder and Chairman of Swicorp, added: “Swicorp is honored to take the role of fund management for Bawabat Makkah 1st Real Estate Development Fund and contribute to the development process for city of Makkah. We are confident that with our experience and expertise in asset management and real estate financing, we will be able to successfully launch and execute this Fund together with Bawabat Makkah Company. We hope that this Fund will be the start of a long-term mutually beneficial relationship between both parties. We firmly believe that this fund will be a great addition to the range of products and funds that Swicorp carefully select to provide to its clients in order to help them achieving their objectives.”

Swicorp is a leading corporate asset management, financial advisory, private equity and principal investment firm with a specific regional focus on the Middle East and North Africa (MENA) region.

Founded in 1986 and licensed by the Capital Market Authority of Saudi Arabia, and the Dubai Financial Service Authority of the United Arab Emirates, Swicorp has an extensive track record of pioneering M&A and
Advisory transactions across the MENA region over the last 26 years.  Swicorp has also developed into one of the leading players in the Private Equity sector in the MENA region, raising nearly US$ 1.3 billion in funds from investors since 2004.

From its headquarters in Riyadh and regional offices in Jeddah, Geneva, Tunis, Dubai and Algiers, Swicorp provides a wide range of corporations and investors with independent advice and assistance on key strategic and financial issues. — SG