Riyadh – Mubasher: Alinma Makkah Real Estate Fund aims to purchase three hotels and commercial zones from Jabal Omar Development to achieve 9% returns, and re-leasing the company for another round, CEO Saleh Al Henaki said.

About 8% of the total returns of the leasing contract could be distributed among the investors, after accounting the fees and the fund’s expenses, Al Henaki added in an interview with Al Arabiya.

The fund may last for five years, after which it may last for another five years.

The first five years are mandatory on both Jabal Omar and the fund, after which the Kingdom-based firm has the right to repurchase the assets and renew them.

Al Henaki stated that if Jabal Omar does not purchase the properties, the fund will own all of them.