Thank you for reading the news about Real estate investment funds see Tadawul trading surge and now with the details
Jeddah - Yasmine El Tohamy - RIYADH: Seventy-three firms listed on the Saudi Stock Exchange (Tadawul) surged above their three-month average this week, the vast majority of them real estate investment trusts (REITs), according to figures compiled by Argaam.
Of the 73 companies, the top 11 were REITs. The top performer was the Bonyan REIT Fund, trading 4,172 percent above its three-month average.
Saudi Fransi Capital announced in November the distribution of 2.76 percent cash dividend to the fund for the period from May 1 to Oct. 31, 2020, at SR0.276 ($0.07) per unit.
The second-best performer was the MEFIC REIT Fund, up 2233 percent on its three-month average.
This despite the fact that in January the fund reported a net loss of SR39.2 million for the fiscal year 2020, compared to a net profit of SR28 million in 2019.
Late last year, a report by Aljazira Capital found that Saudi REITs offer higher-dividend yields for investors compared to international peers.
“Economic activities are gaining back momentum in the Kingdom, hence rental income for REITs is expected to improve in the near future. This should reflect in increased dividend yields as well,” the research said in November.
Earlier this month, Jadwa REIT Saudi Fund signed an agreement to purchase Boulevard Riyadh for SR320 million.
Boulevard Riyadh is a retail and office complex covering 18,854 square meters and with a built-up area of 36,340 square meters.
The development is leased to multiple tenants and has an occupancy rate of 97 percent, with net operating income of approximately SR29.3 million.
Last week, it was healthcare that saw a surge in trading activity. Middle East Healthcare Co., which owns and operates the Saudi German Hospitals brand, traded at 1417 percent above its three-month average and topped the list.
These were the details of the news Real estate investment funds see Tadawul trading surge for this day. We hope that we have succeeded by giving you the full details and information. To follow all our news, you can subscribe to the alerts system or to one of our different systems to provide you with all that is new.
It is also worth noting that the original news has been published and is available at Arab News and the editorial team at AlKhaleej Today has confirmed it and it has been modified, and it may have been completely transferred or quoted from it and you can read and follow this news from its main source.