Announcements
Addendum Announcement from Jadwa Investment Regarding the Material Development on Jadwa REIT Al Haramain Fund
Wed, 08 April 2020
Description of the event:
Following to Jadwa investment’s announcements published on 2020-03-30 and 2020-03-10 which contains the fund manager receiving letters of suspension of rents from the tenants of Jadwa REIT Al Haramain Fund properties ("the Fund"), Jadwa Investment would like to clarify that it is following current events closely, as the precautionary procedures are still effective represented by temporarily suspending Umrah and visiting visas as well as temporarily suspending Umrah for citizens and residents in the Kingdom, in addition to suspending international and domestic flights. Therefore, the exemption of rents for all of the Fund's income-generating properties continues until the date of the announcement.
The Impact Caused by the Event:
The effect of the event is expected to be negative for first half dividends of 2020, and in the absence of a specific period of these precautionary measures, it is not possible to determine the exact impact on the Fund. The fund manager will closely monitor the situation and announce any future material developments, in addition to searching for opportunities to lease the properties for alternative use.