CMA approves Riyad REIT’s capital hike

Saudi Arabia’s Capital Market Authority (CMA) has approved Riyad Capital’s request to increase the capital of Riyad REIT more than three-fold from SAR 500 million to SAR 1.633 billion, in order to acquire real estate assets.

The approval was granted as the Riyad Capital complied with the relevant disclosure requirements, the market regulator said in a statement.

The fund manager will publish the terms and conditions of Riyad REIT, include the objectives and rationale of the capital increase, prior to the meeting of unitholders to vote on the move.