12May2004 NCB signs deal with real estate group

Jeddah, 12 May 2004

The National Commercial Bank (Al-Ahli) has signed an agreement with Al-Esayi real estate group to establish a property investment fund, the Al-Ahli Real Estate Development Fund. It will start with SR400 million in short-term investment approved by the Legal Observation Authority, according to a report published today by Arab News. Abdullah Badahman, President of NCB's board of directors, said the new Saudi-riyal fund would allow investors to participate in development projects for residential and commercial property in major cities in the Kingdom of Saudi Arabia. Meanwhile, an official of NCB said the minimum investment was SR100,000.

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