NCB Capital, GCC’s wealth manager, has now closed its AlAhli AlKhayyal Residential Development fund after reaching its target of SAR150 million (US$40 million).
NCB Capital will be the fund manager while Diyar AlKhayyal the developer of residential real estate projects in Jeddah, according to the terms of a signed development agreement with Diyar AlKhayyal Real Estate Development.
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Faisal Badran, head of asset management at NCB Capital, said: "The keen response of our clients to invest in the Diyar AlKhayyal fund reflects the high demand for quality housing in Saudi Arabia where the residential real estate sector continues to thrive stimulated by the increasing number of upper-middle class families."
Diyar AlKhayyal Real Estate Development is a firm specialized in developing housing projects for upper-middle class families in Jeddah.
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