REITs are a financial tool that allow pooling of investors funds for participation in real estate ownership. REITs are in line with the Kingdom’s Vision 2030 objectives which targets to increase non-oil sector’s participation in the Country’s development.

1. Research & Advisory Department
REITS
M A R K E T R E P O R T
KINGDOM OF
SAUDI ARABIA

2. 2 | CENTURY21 SAUDI The Reit Market Report
Real Estate Investment
Trusts (REITs) is a
company that owns
and operates income
generating real estate
assets.
REITs are a financial
tool that allow pooling
of investors funds for
participation in real
estate ownership.
It’s a way for investors to earn a share of the income generated through real estate assets without
actually having to go and buy them. The income generating real estate assets owned by a REIT may
include Residential, Commercial & Industrial Properties.
The key difference between REITs and other real estate companies is that a REIT must acquire and
develop its real estate properties primarily to operate them as part of its own investment portfolio, as
opposed to reselling those properties after they have been developed.
REITs - Introduction

3. 3 | CENTURY21 SAUDI The Reit Market Report
The KSA’s stock market, Tadawul
is currently hosting eight (8) listed
REITs which are as follows:
• RIYAD REIT.
• ALJAZIRA REIT.
• JADWA REIT ALHARAMAIN.
• TALEEM REIT.
• AL MAATHER REIT.
• MUSHARAKA REIT
• MULKIA REIT.
• AL MASHA’AR REIT.
REITs in KSA
REITs Listing Requirements
Fund Legal Type Closed – ended fund
Number of Investors Minimum 50 investors
*Initial Offer Minimum SAR 100 Million
Nominal Value per Unit SAR 10 per unit
Assets Ownership The assets must be registered under the name of third party (custodian)
and owned by the unit holders
Distributions At least 90% of the fund’s net profits must be distributed annually to the unit holders
Leverage The borrowing of the fund’s must not exceed 50% of the total assets value of the fund
Investment
At least 75% of the fund's total assets value according to the last audited financial
statements must be invested in constructed developed real estate qualified to
generate periodic and rental income
Vacant Lands The fund manager is prohibited from investing in vacant lands
Real Estate Development
The fund manager is allowed to invest up to a maximum of 25% of the fund’s
total assets value according to the last audited financial statements in real estate
development whether on real estates owned by the fund manager or not, and to
renovate or redevelop these properties
Real Estate Outside the Kingdom The fund manager shall not invest more than 25% of the fund’s total assets value
according to the last audited financial statements in properties outside the Kingdom
*Public Ownership At least 30% of the total REIT units are owned by unit holders from the public
*Regulations Under-consideration by CMA
• Public Ownership which is currently 30% of the total REIT units. This is under review to be increased to 50%.
• Minimum Initial Offer for the REIT must be at least SAR 100 million. This is under review to be raised to SAR 500 Million
*Note: The above two points are unofficial statements and for information only.

4. 4 | CENTURY21 SAUDI The Reit Market Report
Structure of a REIT and its related Stakeholders

5. 5 | CENTURY21 SAUDI The Reit Market Report
Yields and Listed REITs in KSA
Key Important Notes:
Yields Summary - Listed REITs
Listed REIT Asset Class
Gross Rental
Yield
Gross Yield
on Net Asset
Value (NAV)
Net Dividend
Yield
RIYAD REIT Office + Retail + Hospitality 7.01% 6.61% 2.06%
ALJAZIRA Mawten REIT Warehouses 8.43% 9.00% 1.26%
JADWA REIT ALHARAMAIN Hospitality + Retail 6.52% 5.92% 1.00%
TALEEM REIT Education 7.37% 6.31% 1.00%
AL Maather REIT Residential +Office + Retail + Warehouses 8.65% N/A N/A
MUSHARAKA REIT Residential + Warehouses + Hospitality 8.84% N/A N/A
Mulkia Gulf Real Estate REIT Residential +Industrial + Office + Retail 8.05% N/A N/A
Al Masha’ar REIT Hospitality + Retail 6.20% N/A N/A
• The calculations for both Net Dividend Yield and Gross Yield on NAV has been done using data published on
Tawadwul Website.
• We have annualized the figures using the assumption that profits follow evenly throughout the year.
• There is no financial data published as yet for Al Maather, Musharaka, Mulkia and Al Masha’ar REIT as these
were recently listed on Tadawul.
*Note: REITs are a new developing area in Kingdom of Saudi Arabia. Hence it is too pre-mature to benchmark a particular Yield to a
particular REIT. Once this sector develops further the market is more likely to see industry standard and benchmarks.
Limitations & Factors Affecting Yields
Type of Sector each
asset belongs
Yields are directly linked to the different sector each asset belongs too.
The overall weightage of REIT investment in a particular sector affects the portfolios overall
performance.
Type of Each Asset
Class
Within each asset there are sub-classes or types. For Example in Residential sector generally the
market is divided into two main types: Villas and Apartments. Now further in Apartments there are
sub-classes which will provide different returns and yields. So the choice of Asset in a REIT is directly
related to the overall yields.
Comparing Apples &
Oranges
The Yields on different REITs can not be directly compared as each REIT consists of different asset
types and classes. Hence comparing their performance to each other might not be justifiable. The
market seasonality affects the performance of a particular asset and hence its going to impact the
yield it will generate over a period of time.
Cost of the Assets in
a REIT
The overall investment required in order to transform or develop a REIT is a crucial point that should
be kept in mind when assessing the yields.
Location of Assets or
properties in a REIT
The location in which Income generating assets are based in is an important consideration when
it comes to yields. For example: a four-star Holiday Inn located in Riyadh will generate a different
income than the one located in Jeddah.

6. 6 | CENTURY21 SAUDI The Reit Market Report
Listed REITs in KSA
RIYAD REIT
Listing Tadawul
Type close ended
Authroised Capital
(SAR) 500,000,000
No. of Units 500,000,000
Paid Capital (SAR) 500,000,000
PAR Value per unit 10
Paid Up Value per unit 10
Investment Limits No Limits
Term 99 years
No. of Properties 5 + 1 (Under development)
Avg. portfolio
Occupancy 93%
Asset Class
Office
Retail
Hospitality
Portfolio value SR 500.3 Milion
Fund Manager Riyadh Capital
Custodian KASB Capital
RIYADH REIT Asset Portfolio - Summary
Property Name Type Acquisition Date Location
Net leasable
Area (sqm)
ALTAMAYIZ CENTER Office + Retail August - 2015 Riyadh 6,416
IZDHAR CENTER Office + Retail December - 2015 Riyadh 4,410
ALFURSAN TOWERS Office + Retail March - 2016 Riyadh 8,055
ALSHATI TOWERS Office + Retail + Hospitality February - 2016 Dammam 13,356
ASCOTT Tahlia JEDDAH Retail + Hospitality
August - 2016
Jeddah 14,300
**ASCOTT AL KHOBAR CORNICHE Office + Retail + Hospitality June - 2015 AlKhobar 24,453
**under construction and its expected completion in 2018
• Riyadh REIT got approval by CMA as public offering
on 08/11/2016.
• Thefundfocusesoncommercialsectorwhichincudes
assetsfallingunderoffice,retail&hospitality.
• This REIT is the 6th largest fund to be listed on
Tadawul with an authorized capital and paid-up
capital of SAR 500,000,000.
500
MILLION
SR
Riyadh REIT is the
6th largest fund to be
listed on Tadawul

7. 7 | CENTURY21 SAUDI The Reit Market Report
Listed REITs in KSA
Market Performance
SAR 16.55 per unit
**Recorded on 27/02/2017
Traded= 41,279,063
**Recorded on 02/03/2017
SAR 10.58 per unit
**Recorded on 10/10/2017
Traded = 136,145
**Recorded on 01/01/2017
Lowest Price
Lowest Volume
Highest Price
Highest Volume

8. 8 | CENTURY21 SAUDI The Reit Market Report
Listed REITs in KSA
ALJAZIRA Mawten REIT
Listing Tadawul
Type close ended
Authroised Capital
(SAR) 118,000,000
No. of Units 11,800,000
Paid Capital (SAR) 118,000,000
PAR Value per unit 10
Paid Up Value per unit 10
Investment Limits No Limits
Term 99 years
No. of Properties 1
Avg. portfolio
Occupancy 100%
Asset Class Warehouses
Portfolio value 118,000,000
Fund Manager AlJazirah Capital
Custodian Alinma
Investment Company
ALJAZIRA Mawten REIT Asset Portfolio - Summary
Property Name Type Acquisition Date Location Net leasable Area (sqm)
AlKhumrah Warehouses Industrial n/a Jeddah 53,000
• ALJAZIRA Mawten REIT got approval by CMA as public
offering on 02/01/2017.
• The fund focuses on Industrial sector which incudes
assets falling under warehouses.
• This REIT is the smallest fund to be listed on Tadawul
with an authorized capital and paid-up capital of SAR
118,000,000.

9. 9 | CENTURY21 SAUDI The Reit Market Report
Market Performance
SAR 23.86 per unit
**Recorded on 23/08/2017
Traded= 19,137,064
**Recorded on 27/02/2017
SAR 11.00 per unit
**Recorded on 15/02/2017
Traded = 17,190
**Recorded on 15/02/2017
Lowest Price
Lowest Volume
Highest Price
Highest Volume
Listed REITs in KSA

10. 10 | CENTURY21 SAUDI The Reit Market Report
Listed REITs in KSA
JADWA REIT ALHARAMAIN
Listing Tadawul
Type close ended
Authroised Capital
(SAR) 660,000,000
No. of Units 66,000,000
Paid Capital (SAR) 660,000,000
PAR Value per unit 10
Paid Up Value per unit 10
Investment Limits No Limits
Term 99 years
No. of Properties 2
Avg. portfolio
Occupancy seasonal
Asset Class
Hospitality
Retail
Portfolio value SAR 701 Million
Fund Manager Jadwa Investment Company
Custodian AlBilad Investment Company
JADWA REIT ALHARAMAIN Asset Portfolio - Summary
Property Name Type Acquisition Date Location BUA (sqm)
No. of
Rooms
Tharawt Al Andalusia Hotel Hospitality + Retail April - 2016 Makkah 7,573 294
Tharawat Al Taqwa Hotel Hospitality + Retail April - 2016 Makkah 32,901 690
• JADWA REIT ALHARAMAIN got approval by CMA as public offering on 27/03/2017.
• The fund focuses on Commercial sector which incudes assets falling under hospitality and retail.
• This REIT is the 2nd largest fund to be listed on Tadawul with an authorized capital and paid-up capital
of SAR 660,000,000.

11. 11 | CENTURY21 SAUDI The Reit Market Report
Market Performance
SAR 15.90 per unit
**Recorded on 04/05/2017
Traded= 44,912,734
**Recorded on 04/05/2017
SAR 10.94 per unit
**Recorded on 08/10/2017
Traded = 1,352
**Recorded on 01/05/2017
Lowest Price
Lowest Volume
Highest Price
Highest Volume
Listed REITs in KSA

12. 12 | CENTURY21 SAUDI The Reit Market Report
Listed REITs in KSA
TALEEM REIT
Listing Tadawul
Type close ended
Authroised Capital
(SAR) 285,000,000
No. of Units 28,500,000
Paid Capital (SAR) 285,000,000
PAR Value per unit 10
Paid Up Value per unit 10
Investment Limits No Limits
Term 99 years
No. of Properties 1
Avg. portfolio
Occupancy 100%
Asset Class Education
Portfolio value SAR 285,000,000
Fund Manager Saudi Fransi Capital
Custodian KASB Capital
TALEEM REIT Asset Portfolio - Summary
Property Name Type Acquisition Date Location
BUA
(sqm)
Al Tarbeah Al Islamiah School Limited Company Education n/a Riyadh 30,122
• TALEEM REIT got approval by CMA as public offering
on 08/05/2017.
• The fund focuses on Education sector which incudes
assets falling under school.
• This REIT is the 7th largest fund to be listed on
Tadawul with an authorized capital and paid-up
capital of SAR 285,000,000.

13. 13 | CENTURY21 SAUDI The Reit Market Report
Market Performance
SAR 17.50 per unit
**Recorded on 06/06/2017
Traded= 14,570,202
**Recorded on 06/06/2017
SAR 11.00 per unit
**Recorded on 30/05/2017
Traded = 1,381
**Recorded on 30/05/2017
Lowest Price
Lowest Volume
Highest Price
Highest Volume
Listed REITs in KSA

14. 14 | CENTURY21 SAUDI The Reit Market Report
Listed REITs in KSA
AL Maather REIT
Listing Tadawul
Type close ended
Authroised Capital (SAR) 613,700,000
No. of Units 61,370,000
Paid Capital (SAR) 613,700,000
PAR Value per unit 10
Paid Up Value per unit 10
Investment Limits No Limits
Term 99 years
No. of Properties 12
Avg. portfolio Occupancy 99%
Asset Class
Residential
Office
Retail
Warehouse
Portfolio value SAR 613,700,000
Fund Manager Osool & Bakheet Investment
Company
Custodian Saudi Kuwaiti financial House
• AL Maather REIT got approval by CMA as public
offering on 12/06/2017
• The fund focuses on Residential, Commercial
& Industrial sector which incudes assets falling
under Residential Apartments, Office, Retail
and Warehouses.
AL Maather REIT Asset Portfolio - Summary
Property Name Type Acquisition Date Location Plot Area
Al Maather Residential + Office + Retail n/a Riyadh 22,707.37
Al Rabie Office + Retail n/a Riyadh 8,589.53
Al Mohammadia Office + Retail n/a Riyadh 15,582.92
Al Tkahssusi Retail n/a Riyadh 6,610.61
Al Sahafa building 1 Office n/a Riyadh 11,340.00
Al Sahafa building 2 Retail n/a Riyadh 10,880.00
Hair warehouses Warehouses n/a Riyadh 11,970.00
Sulai warehouses Warehouses n/a Riyadh 46,158.00
Rabie Agreement Retail n/a Riyadh 1,413.26
Qudus Agreement Office + Retail n/a Riyadh 1,257.84
Wadi laban Agreement Residential + Retail n/a Riyadh 1,645.02
Dabbab Agreement Office + Retail n/a Riyadh 3,060.48
613MILLION
This REIT is the 3rd largest fund to be
listed on Tadawul with an authorized
capital and paid-up capital
SR
UP TO

15. 15 | CENTURY21 SAUDI The Reit Market Report
Market Performance
SAR 13.30 per unit
**Recorded on 24/08/2017
Traded= 33,863,307
**Recorded on 24/08/2017
SAR 10.08 per unit
**Recorded on 10/10/2017
Traded = 5,616
**Recorded on 23/08/2017
Lowest Price
Lowest Volume
Highest Price
Highest Volume
Listed REITs in KSA

16. 16 | CENTURY21 SAUDI The Reit Market Report
Listed REITs in KSA
MUSHARAKA REIT
Listing Tadawul
Type close ended
Authroised Capital (SAR) 880,000,000
No. of Units 88,000,000
Paid Capital (SAR) 880,000,000
PAR Value per unit 10
Paid Up Value per unit 10
Investment Limits No Limits
Term 99 years
No. of Properties 5
Avg. portfolio Occupancy 100%
Asset Class
Residential
Industrial
Hospitality
Portfolio value SAR 872.4 Million
Fund Manager Musharaka Capital Company
Custodian Alinma Investment Co.
• MUSHARAKA REIT got approval by CMA as
public offering on 12/07/2017.
• The fund focuses on Residential, Commercial
& Industrial sector which incudes assets falling
under Residential Compounds, Hospitality and
Warehouses.
• This REIT is the largest fund to be listed on
Tadawul with an authorized capital and paid-up
capital of SAR 880,000,000.
AL Musharaka REIT Asset Portfolio - Summary
Property Name Type Acquisition Date Location BUA (sqm)
Ejzala Compound Residential n/a Al Khobar 29,486.73
Al-Baraka Warehouses Industrial n/a Riyadh 29,955.49
Radisson Blu Hotel Apartments Hospitality n/a Al Khobar 3,798.08
Seashore Residential Compound Residential n/a Al Khobar 38,121.50
Pearl Residential Compound Residential n/a Al Khobar 22,500.00

17. 17 | CENTURY21 SAUDI The Reit Market Report
Market Performance
SAR 11.10 per unit
**Recorded on 02/10/2017
Traded= 16,343,175
**Recorded on 02/10/2017
SAR 10.00 per unit
**Recorded on 10/10/2017
Traded = 1,357,874
**Recorded on 10/10/2017
Lowest Price
Lowest Volume
Highest Price
Highest Volume
Listed REITs in KSA

18. 18 | CENTURY21 SAUDI The Reit Market Report
Listed REITs in KSA
Mulkia Gulf Real Estate REIT
Listing Tadawul
Type close ended
Authroised Capital (SAR) 600,000,000
No. of Units 60,000,000
Paid Capital (SAR) 600,000,000
PAR Value per unit 10
Paid Up Value per unit 10
Investment Limits No Limits
Term 99 years
No. of Properties 4
Avg. portfolio Occupancy 100%
Asset Class
Residential
Industrial
Office
Retail
Portfolio value SAR 600 Million
Fund Manager Mulkia Investment Company
Custodian Albilad Capital
• Mulkia Gulf Real Estate REIT got approval by
CMA as public offering on 09/08/2017
• The fund focuses on Residential, Commercial
& Industrial sector which incudes assets falling
under Residential Apartment Building, Industrial
complex , Retail mall, showrooms & offices.
• This REIT is the 4th largest fund to be listed on
Tadawul with an authorized capital and paid-up
capital of SAR 600,000,000.
Mulkia Gulf Real Estate REIT Asset Portfolio - Summary
Property Name Type Acquisition Date Location BUA (sqm)
West Avenue Mall Retail n/a Dammam 56,000.00
Alteqnya Commercial and Industrial
Complex Industrial n/a Riyadh 36,554.00
Alyasmeen Residential Building Residential n/a Al Khobar 5,303.00
Dinar Building Retail + Offices n/a Jeddah 14,900.00

19. 19 | CENTURY21 SAUDI The Reit Market Report
Listed REITs in KSA
Al Masha’ar REIT
Listing Tadawul
Type close ended
Authroised Capital (SAR) 572,400,000
No. of Units 57,240,000
Paid Capital (SAR) 572,400,000
PAR Value per unit 10
Paid Up Value per unit 10
Investment Limits No Limits
Term 99 years
No. of Properties 3
Avg. portfolio Occupancy 100%
Asset Class
Hospitality
Retail
Portfolio value SAR 572.4 Million
Fund Manager Muscat Capital
Custodian NOMW Capital
• Al Masha’ar REIT got approval by CMA as public
offering on 16/10/2017
• The fund focuses on Hospitality & Retail sector
which incudes assets falling under Residential
accommodation for pilgrims.
• This REIT is the 5th largest fund to be listed on
Tadawul with an authorized capital and paid-up
capital of SAR 572,400,000.
Al Masha’ar REIT Asset Portfolio - Summary
Property Name Type Acquisition Date Location BUA (sqm)
ESKAN Tower - 4 Hospitality + Retail n/a Makkah 18,053.00
ESKAN Tower - 5 Hospitality n/a Makkah 19,905.00
ESKAN Tower - 6 Hospitality + Retail n/a Makkah 15,314.00

20. 20 | CENTURY21 SAUDI The Reit Market Report
In GCC the Listed REITs Market is in the growth stage. In the UAE there are currently two listed REITs on
Nasdaq Dubai, the Emitates REIT and The ENBD REIT respectively.
Bahrain established the new laws related to REITs in November 2016 and the market witnessed the
listing of its first REIT called Eskan REIT which listed on Bahrain Bourse. REITs structure is regulated by
the Central Bank of Bahrain.
Saudi Arabia currently leads the market with officially eight (8) listed REITs on its stock market called
the Tadawul. The country officially established the listed REITs legal framework in October 2016.
While the legal framework and regulations for trading of REITs on stock exchanges are not yet brought
in by Kuwait and Qatar.
Listed REITs Outlook in GCC
GCC LISTED REITS – SUMMARY TABLE
Country
Emirates REIT ENBD REIT Eskan REIT
UAE UAE Bahrain
Listing Nasdaq Dubai Nasdaq Dubai Bahrain Bourse
No. of Properties 10 8 2
Portfolio
Index tower,
Jebel Ali School, Le Grande,
Building 24, Office park,
The Loft Offices, Indigo 7,
GMES World Academy,
British Columbia Canadian
School
Binbhatti Terraces, Arabian
Oryx House, AlThuraya tower
1, Burj Daman, Remraam
Residential, Uniest, DHCC 25,
DHCC 49
Danaat Al Madina and
Segaya Plaza
Occupancy 83% 86% 80%
Asset Class
Commercial 47.30% Office 67% Office
Education 38 .3% Residential 28% Retail
Retail 10.3% Alternative 10% Residential
Portfolio value USD 845 Million USD 352 Million USD 52.7 Million
Fund Manager Equitativa (Dubai) Limited
Emirates NBD Asset
Management Limited
Eskan Bank B.S.C. (c)
Net Dividend 7.7% 7.1% 6%
*Note: The data contained in the above table is sourced from Emirates REIT, ENBD REIT and Bahrain Bourse website.

21. 21 | CENTURY21 SAUDI The Reit Market Report
Disclaimer
In order to prepare this report, Century21 Saudi research team collected the data from outside sources. Century21 Saudi is
confident about the reliability of published data. However, we do not guarantee the completeness and accuracy of the data. This
report is prepared for information only. The assessments and values articulated in this report are subject to change without any
notice. Therefore, no investment decision should be made based on the information presented in this report. Century21 Saudi
will not be responsible for any loss that may be sustained as a result of the information enclosed in this report.
Past performance is not a guarantee of future returns. The value of units, the income from them, the prices and currencies of
the funds, can go down as well as up. Investors may get back less than he or she originally invested. Additionally fees shall apply
on the fund. Changes in currency rates may have an adverse effect on the value, price or income of the security. To ensure proper
understanding of the fund and its suitability for you according to your risk tolerance, we recommend that you seek a specialized
investment advisor.
The data contained in this research is sourced from Tadawul and Capital Market Authority, unless otherwise stated. It is not the
intention of the article to be used or deemed as recommendation, option or advice for any action(s) that may take place in future.
Contacts
For Assistance in development & marketing decisions please contact:
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Head of Research and Advisory
asif@century21saudi.com
Mobile: 0555 177 076
Muath A. Alsaawi
Marketing Manager
muath@century21saudi.com
Mobile: 055 4000 134
Al Waleed Hamd Binzouman
General Manager
alwaleed@century21Saudi.com
Mobile: 0555 194 919
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