AlAhli SEDCO Residential Development Fund closes at SR350 million

SEDCO Development, a subsidiary of SEDCO Holding Group and the prime developer of AlAhli SEDCO Residential Development Fund, has been awarded a contract for the construction of Gardenia Residence, a project owned by the fund in partnership with Ghoneim International Co. Ltd.
The project’s execution phase is 19 months, with expected delivery date set for end of 2016.
Khalid Assad Jamjoom, CEO of SEDCO Development, and Al-Said Ghoneim, GM of Ghoneim International Co. Ltd. signed the contract.
Gardenia Residence covers a 26,000 sqm land located west of Madinah Road previously acquired by the fund through SEDCO Development. The project accommodates more than 370 diversified residential units that cater to the needs of residents as part of the growing demand in Jeddah’s real estate sector.
Ghoneim International Co. Ltd. acquired the project under its ability to provide competitive prices and determine the timeline for the execution of the project.
NCB Capital has successfully closed the investment fund after its investors’ shares exceeded the targeted amount of SR350 million, aiming to achieve 10 percent internal returns per annum.