First Avenue Real Estate Development appoints Alkhair Capital as financial advisor for listing on Nomu

Logo of First Avenue Real Estate Development

First Avenue Real Estate Development, a closed joint stock company headquartered in Riyadh, appointed Alkhair Capital as financial advisor for its planned direct listing on Parallel Market (Nomu).

The potential direct listing is subject to the regulatory approvals of the Capital Market Authority (CMA) and Saudi Exchange (Tadawul).

It is noteworthy that First Avenue Real Estate Development, which was established in 2017, has SAR 100 million capital. The company’s operations are focused on the real estate development and investment industry.

The company said that its strategy is based on diversification and integration in building strategic relationships with specialized partners in various real estate sectors, based on innovative business models through investment funds, in partnership with local banks. First Avenue Real Estate Development’s ongoing projects are valued at nearly SAR 500 million.

Mr. Nader bin Hassan Alamri, CEO and Managing Director at First Avenue Real Estate Development, expressed his pleasure at signing the agreement with Alkhair Capital, given the great importance of this move in First Avenue Real Estate Development’s journey to achieve its mission by enriching the quality of life leveraging on innovative property designs and promising investment. The company aims to invest in stock markets and enhance its governance and transparency levels. First Avenue Real Estate Development also seeks to keep pace with the Kingdom’s sound leadership ambitions for the real estate development sector, in line with the Vision 2030 objectives, especially amid the urban renaissance witnessed by the Saudi property industry.

Mr. Abdulsalam bin Abdulrahman Al-Majid, CEO of Majidiah Group and board member at First Avenue Real Estate Development, affirmed his confidence in the company’s shareholders with their extensive experience. He expressed his delight for the partnership with First Avenue Real Estate Development and showed optimism for the potential offering. This partnership will integrate both companies’ experience to maximize shareholders’ interest and pursue the Group’s target horizontal expansion through sister companies and diverse investment strategies in different real estate segments.

Alkhair Capital, a leading financial services company licensed by the Capital Market Authority (CMA), was founded in 2009 in Riyadh. It has extensive experience in asset and fund management, and Sharia-compliant advisory services.

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