Alkhabeer Capital announces endowment fund to support community development

Alkhabeer Capital has announced its intent to launch Alkhabeer Waqf Fund 1 (AWF I) in Q4 2019, in partnership with Majid Society for Community Development.

Approved by the Capital Market Authority (CMA) in May 2019, AWF I will be an open-ended investment fund that is planned to be listed on Tadawul.

The fund will aim to provide Majid Society with a consistent and reliable source of income to support its various community development programs and initiatives that are centered on empowering individuals and families, the asset management firm said in a statement.

“The idea for this endowment fund is to give investors an opportunity to participate in community development through investing in initiatives of Majid Society,” CEO of Alkhabeer Capital, Ahmed Saud Ghouth, said.

Through Majid Society and other relevant stakeholders, AWF I will provide young people the required support to develop and grow their entrepreneurial ventures.

“Through this Fund, Alkhabeer Capital will be enabling participation from a broader range of stakeholders, helping to make a difference in the socio-economic fabric of our country,” Ghouth added.