Alahli Capital - Al-Ahli Reit Fund
4338.SR
Saudi Exchange6.43
SAR
+0.01
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Alahli Capital - Al-Ahli Reit Fund
4338.SR
(Saudi Exchange)
Recent
price
6.43
P/E
ratio
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div
yld
- -
ROIC.AI
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in mil. unless spec.- Similar Companies
- Business
- Alahli Capital - Al-Ahli REIT Fund (4338.SR) operates as a Shariah-compliant, close-ended real estate investment traded fund (REIT) managed by SNB Capital, focusing on income-generating properties in Saudi Arabia to deliver periodic rental income and asset value growth to unitholders through semi-annual distributions of at least 90% of net profits. Established in December 2017 and listed on the Saudi Exchange (Tadawul), the fund, headquartered in Riyadh, maintains a portfolio of four key assets primarily in Jeddah and Riyadh: AlAndalus Mall, a 105,000 square meter retail complex with over 350 shops offering fashion, dining, entertainment, and sports facilities operated by AlAndalus Real Estate Company; Salama Tower, a 13-floor office building with 109 offices, eight showrooms, and two warehouses in Jeddah fully leased under a triple net lease; QBIC Plaza, a three-floor office complex in Riyadh fully leased to the Ministry of Municipal and Rural Affairs and Housing; and AlAndalus Mall Hotel, a 164-room upscale property connected to AlAndalus Mall, operated under a management contract with Hilton International as DoubleTree by Hilton. The fund targets retail, office, and hospitality sectors, serving diverse tenants including government entities, international brands, and local retailers across approximately 156,000 square meters of leasable space with a 93% occupancy rate, while investing surplus cash in Shariah-compliant money market funds like AlAhli Saudi Riyal Trading Fund. Recent developments include the completion of the AlAndalus Mall expansion project, AlAndalus Avenue, adding 15,000 square meters of rental space with tenants commencing operations; renewal of the QBIC Plaza lease with the Ministry of Municipal and Rural Affairs and Housing for three additional years starting February 2023; and signing of a management agreement with Hilton for AlAndalus Mall Hotel, with improvements underway for rebranding in 2024.