Announcement by Jadwa Investment Company regarding Non-Fundamental changes to Jadwa REIT Al Haramain Fund.
Mon, 28 August 2023
Jadwa Investment Company announces the approval of the Fund’s Board of Directors of a non-fundamental change to Jadwa REIT Al Haramain Fund.
Change Effective Date
2023-09-07 Corresponding to 1445-02-22
- Updating the Fund's approved evaluators where Esnad Real Estate Valuation and Barcode Company have been appointed.
- Increase the external auditor fee by 30,000 SAR.
- Reducing the Management Fees amounting to 1% of the Net Asset Value, which was suspended temporarily due to the Coronavirus (COVID-19) pandemic pursuant to the Fund Manager's announcement dated 27/08/1441H corresponding to 20/04/2020G. Accordingly, the Management Fees following the reduction shall be:
The Fund shall pay the Fund Manager a Management Fees according to the following: (a) 0.5% annually of the Fund’s Net Asset Value, and (b) 5% of the Fund’s total annual revenue, paid semi-annually and calculated based on the performance of each year separately, provided that the total Management Fees does not exceed 0.75% of the Fund’s Net Asset Value, for the purposes of Management Fees, “Fund’s total revenue” means gross income from rentals of real estate assets, not including any capital gains.