Dubai: Alkhabeer Capital, the Jeddah-based asset manager specialising in alternative investments, said its assets under management (AUM) rose 8 per cent on year to 4.8 billion Saudi riyals.
Total operating income and net revenue for the year were 187 million riyals and 61 million riyals respectively, a decline of 10 per cent and 14 per cent respectively from last year. This was mainly due to a devaluation of Alkhabeer Capital’s real estate portfolio, which reflects the downward trend in regional and international real estate markets.
Announcing these results, Musa’ad Mohammad Sa’ad Aldrees, chairman of Alkhabeer Capital, said: “We have made excellent progress in diversifying our business portfolio and product offerings, and our primary objective remains unchanged — to ensure that our shareholders achieve the long-term outcomes that they expect.”
“During the year, we launched the Alkhabeer GCC Opportunity Fund and Alkhabeer Opportunity Fund II, while we restructured our Alkhabeer Real Estate Residential Development Fund II following the significant changes in the Saudi real estate market. Also, we established the Alkhabeer Industrial Private Equity Fund III,” Ahmad Saud Ghouth, Alkhabeer Capital’s Chief Executive Officer, said.
