National Building ups stake in Nomw Al Ahsa Real Estate Fund to 96.14%

Logo of National Building and Marketing Co.

National Building and Marketing Co. (NBM) increased its ownership stake in Nomw Al Ahsa Real Estate Fund from 61.50% to 96.14%, raising its investment in the fund from SAR 80 million to SAR 124.98 million.

In a statement to Tadawul, NBM pointed out that the number of units also increased from eight million to 11.91 million.

A positive financial impact is expected to reflect on H2 2023 results, the statement added.

In August 2021, the company signed an agreement with Nomw Capital to establish a SAR 100 million private real estate fund, called Nomw Al Ahsa Real Estate Development Fund, Argaam earlier reported.

Later, in June 2022, eight million units were allocated in favor of NBM, at SAR 30 million in cash and SAR 50 million in-kind, out of 13 million units, or 61.5% of the fund’s capital.