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March 28, 2017

King & Spalding Advises Jadwa Investment Company on Highly-Regulated REIT

RIYADH, March 28, 2017 — King & Spalding (in association with The Law Office of Mohammed Al-Ammar) acted as fund counsel to Jadwa Investment Company on the establishment of Jadwa REIT Alharamain Fund, a listed real estate fund regulated by the Saudi Arabian Capital Market Authority (CMA).

Jadwa REIT Alharamain Fund is a Shari’ah-compliant real estate fund that will invest in a portfolio income-producing properties in Saudi Arabia. The REIT expects to raise 660 million Saudi Arabian riyals (approximately US$176 million) from retail investors before listing its units on the Saudi Arabian Stock Exchange by mid-April. This is the first REIT approved by the CMA that will invest in Mecca and Medina, into which real estate investment is highly regulated and heavily restricted. Jadwa is one of the leading asset managers and private equity firms in the MENA region and is known for its real estate and private equity funds and capital markets transactions.

The King & Spalding team on the matter was led by partner James Stull and included partners Nabil Issa and Moustafa Said as well as associates Sayf Shuqair and Dora Chan. King & Spalding previously advised Jadwa on the successful launch of real estate funds and alternative vehicles investing in Saudi Arabia and the United Kingdom, as well as on the establishment of multiple private equity, equities and other investment funds.

The Jadwa REIT Alharamain Fund is the second Saudi Arabian REIT (out of three total REITs in Saudi Arabia) for which King & Spalding has acted as legal counsel in the past six months.

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