| Introduction | The Middle East Financial Investment Company (MEFIC Capital) has announced a significant development regarding the MEFIC REIT. The fund has signed a swap agreement concerning the “The Pad” property located in Dubai on 20/04/1446 AH (23/10/2024 AD), valued at AED 62,600,000. |
| Description of the Event | This agreement involves reinvesting in the ownership of Downtown Bay Developments Limited, allowing the fund to acquire preferred shares in the aforementioned company, which operates in the real estate development sector. The book value of “The Pad” property was SAR 58,440,661 as of 30/06/2024.The fund manager will publish all the details upon completing the agreement. |
| The Impact Caused by the Event | The fund manager anticipates a positive impact on the fund’s performance and financial statements as a result of this agreement. |
