Muscat Capital - Al Masha'ar REIT Fund

Muscat Capital - Al Masha'ar REIT Fund (4337.SR) is a Sharia-compliant, closed-ended real estate investment traded fund listed on the Saudi Exchange, established in October 2017 and managed by Muscat Capital, a boutique investment bank based in Riyadh and a wholly owned subsidiary of Bank Muscat. The Fund's primary investment objective is to generate consistent periodic rental income for its unitholders by focusing at least 55% of its total assets on income-generating properties in the Holy Cities of Makkah and Madinah, with the remaining assets allocated to income-producing real estate elsewhere in Saudi Arabia. Operating under the Real Estate Investment Funds Regulations and REIT Instructions set by the Capital Market Authority (CMA), the Fund is committed to distributing at least 90% of its annual net profit as semi-annual cash dividends, paid in January and July. With a market capitalization of approximately SAR 292 million and a portfolio anchored in high-demand religious tourism real estate, the Fund also retains flexibility to invest up to 25% of total assets in properties outside Saudi Arabia and in Sharia-compliant real estate companies listed on Tadawul.