The Saudi Stock Exchange (Tadawul) has been seeing an increasing number of listings in recent weeks by real estate investment trusts (REITs), many of which own and manage prime properties in the residential, commercial and industrial sectors.
Most recently, Jadwa REIT Saudi Fund’s initial public offering (IPO) kicked off on Jan. 3, while Al Rajhi REIT launched its IPO on Jan. 1.
In a report issued last year, real estate consultancy Knight Frank’s Regional Research Manager Raya Majdalani said the successful listings of the first six REITs on the exchange have shown the level of pent-up appetite for income-producing commercial real estate, marking a step further towards a more transparent market.
Argaam has compiled the list of properties owned and planned acquisitions by seven listed REITs.
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Portfolios of Saudi REITs |
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REIT |
Properties Managed |
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Riyad REIT
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1) Al Motamayz Center, Riyadh- Qranada 2) Al Izdhar Commercial Centre, Riyadh- Izdihar 3) Fursan Tower, Riyadh- Olaya 4) Beach Breeze Tower, Dammam- Beach District 5) Ascott Tahliya Tower, Jeddah 6) Ascott Tower, Al Khobar- Corniche 7) Luxury mixed-use property, Riyadh |
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AlJazira Mawten REIT
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1) Astra Foods 2) Mahmood Saeed Collective Co. 3) Ahmed Mohamed Saleh Baeshen and Co. 4) Bin Zaqar 5) Takhzeen 6) Petromin |
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Jadwa Reit AlHaramain Fund
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1) Tharawat Al Andulusia Hotel, Makkah 2) Tharawat Al Taqwa Hotel, Makkah |
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Musharaka REIT |
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Mulkia - Gulf Real Estate REIT Fund
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1) Al Yasmeen residential building, Al Yasmeen, Riyadh 2) Industrial Commercial Technology Complex, Al Faisaliah, Riyadh 3) Dinar Commercial Building, Jeddah |
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Acquisitions Planned by Saudi REITs |
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REIT |
Planned Acquisitions |
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Riyad REIT
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1) Kempinski Riyadh Hotel 2) The Plaza Residence, Hittin, Riyadh 3) Omnia Center, Jeddah |
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Musharaka REIT
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1) Ajzala Compound 1, Al Khobar 2) Al Baraka warehouses, Riyadh 3) Radisson Blu hotel apartments, Al Khobar 4) Seashore compound, Al Khobar 5) Pearl Compound, Al Khobar |
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Taleem REIT |
Educational property in Al Nuzha district, Riyadh |
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Al Maather REIT |
Initial investments will be located in Riyadh, but the REIT plans to diversify its investments across the Kingdom. |
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