Swicorp, a Middle East and North Africa-focused private equity and investment banking firm, has launched a real estate fund to invest in luxury villas in Saudi Arabia.
The Riyadh-headquartered firm has raised SAR 152 million ($40 million; €42 million) for the Ewan Al-Maali Real Estate Development Fund.
Swicorp will partner with Retal Urban Development Company, a developer in Saudi Arabia, to develop and sell luxury villas in Al-Khobar, Eastern Province, Saudi Arabia.
“We are thrilled to announce the launch of the Al-Maali Real Estate Development Fund. Its successful structuring and financing will be a great contribution to the development of the real estate sector in the Kingdom,” commented Daniel Schenker, chief executive of Swicorp.
“We will continue investing our expertise in asset management and real estate financing to deliver high-performing funds and support top-notch projects for the benefit of our clients and investors.”
Dr Sultan Almasoud & Partners in association with Shearman & Sterling acted as legal advisor to the firm.
Founded in 1987, Swicorp is a private financial services group working across the investment banking, private equity and asset management verticals in the Middle East and North Africa. The firm has raised in excess of $1 billion for its private equity funds and employs close to 100 across five offices.