Al Aziziah REIT Fund
TTADAWUL:43373.68
SAR
-0.07
(-1.87%)
Al Aziziah REIT Fund
TADAWUL:4337
(Saudi Exchange)
Recent
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3.68
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div
yld
- -
ROIC.AI
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- Business
- Muscat Capital - Al Masha'ar REIT Fund (4337.SR) is a Shariah-compliant closed-ended real estate investment traded fund that primarily invests in income-generating real estate properties in Saudi Arabia, with a focus on high-yield rental assets such as hotel towers and commercial offices in Makkah, Madinah, and Riyadh; its core portfolio includes three hotel towers in Makkah acquired at launch yielding up to 6.75% annual rental revenue, Eskan Hospitality Towers (Eskan 4, 5, and 6) in Makkah leased to Moro International Company for Apartments and Hotels at a net annual rental value of SAR 9.2 million, and pursued acquisitions like Class A office towers in Riyadh's Rabeea district and a commercial property in Hittin; the fund distributes no less than 90% of its annual net profits as cash dividends to unitholders twice yearly and may allocate up to 25% of assets to development projects or Murabaha financing. Established in 2017 with initial capital of SAR 572.4 million comprising 57.24 million units and listed on the Saudi Exchange (Tadawul), the fund is managed by SICO Capital Company (formerly Muscat Capital since 2021 following SICO's acquisition), a Riyadh-based full-service financial firm wholly owned by SICO BSC (c) with headquarters at Tamkeen Tower, King Fahad Road, Riyadh; it targets institutional and retail investors seeking periodic rental income from diversified real estate sectors including hospitality, commercial, educational, and healthcare in key Saudi regions. Recent developments include SICO Capital's voluntary withdrawal as fund manager approved by unitholders in June 2025 and by the Capital Market Authority in July 2025, with Wasatah Capital appointed as replacement; ongoing board changes such as resignations of Chairman Bassam Abdulaziz Noor in January 2025 across SICO-managed funds and appointments like Wesam Haddad and Mishal Ali Al-Hellow; terms and conditions updates including zakat provisions and independent valuer appointments like Esnad Real Estate Valuation Company; and SICO Capital's capital increase from SAR 60 million to SAR 100 million completed in Q2 2025 alongside appointment of Maan AlDerazi as Head of Real Estate Investments.