Sidra Capital, a Shariah-compliant financial services company based in Saudi Arabia, together with Gatehouse Bank, a Shariah-compliant wholesale London-based investment bank, plans to collect SR 500 million from investors in the Kingdom, promising attractive returns.
Sidra talked about their plans in Jeddah on Tuesday and held a press conference in Riyadh the same day.
“We hope to collect half a billion riyals from investors before the end of November for the company’s capital expansion,” said Hani Othman Baothman, managing director and CEO of Sidra.
He highlighted the benefits of investment in real estate in the UK, compared to the conventional modes of investment and traditional income from financial houses. He stressed that the company could offer more than seven percent dividends for investment made with the company.
“Saudi-United Kingdom Real Estate Fund (SURF) is open to both UK and international investors and draws on the key strength of the two partners — Gatehouse’s Shariah compliant expertise in the UK’s real estate sector and Sidra’s comprehensive knowledge of alternative investment fund activities in the Middle East.”
Baothman pointed out that the joint venture aims to acquire a diverse real estate portfolio in the UK, offering investors access to one of the world’s most transparent and well-regulated markets.
Adam Cavanagh, head of Real Estate at Gatehouse Bank, said the UK real estate market is considered mature, transparent, well regulated and liquid in comparison with many of its worldwide counterparts. "The lease structure in the UK is favorable compared to the international markets both in terms of lease and tenant obligations.”
Saudi-UK venture courts investors
Saudi-UK venture courts investors
Scouts record 45,000 volunteer hours serving pilgrims at Grand Mosque in Ramadan
- Volunteers guide pilgrims, organize prayers areas, distribute water
- 600 young men and women scouts will work until end of Ramadan
RIYADH: Volunteers participating in the Umrah service camp supervised by the Saudi Arabian Scouts Association at the Grand Mosque in Makkah have contributed over 45,000 hours during the first half of Ramadan.
Six-hundred young men and women scouts, representing various teams across the Kingdom, participated in the camp’s activities, the Saudi Press Agency reported on Thursday.
They helped to guide pilgrims, organize prayer areas, support security and service personnel, care for children, and provide water and fragrances in the Grand Mosque and its courtyards.
The scouts supported the General Authority for the Care of the Two Holy Mosques and the public security sectors.
Three-hundred scouts participated in guidance and orientation with 22,500 hours, while 180 scouts assisted with public security services for 13,500 hours.
Sixty scouts who participated in the organization of prayer areas recorded 4,500 volunteer hours.
Additionally, 30 scouts participated in the Little Pilgrim Initiative, which focuses on caring for the children of pilgrims while their parents perform Umrah, contributing 2,250 hours.
In support services, 15 scouts participated in the water distribution initiative, contributing 675 hours.
Another 15 scouts contributed to the fragrance distribution initiative in the corridors and courtyards of the Grand Mosque, achieving 1,125 hours.
Camp leader Ziyad Qadir said the services of the scouts would continue until the end of Ramadan. He said the camps develop a sense of social responsibility and national belonging among young people.
