Kuwait's Global Investment House plans to launch next year a 500 million Saudi riyal ($133.32 million) fund to invest in the Kingdom's real estate sector, Al-Rai daily reported on Sunday.
Ziad Awad, head of Asset Management for Global in Saudi Arabia, told the paper that the new fund will be launched in 2010 with a tenor of three to five years.
The expected annual return on investment for the fund is around 20 percent, he said. Awad noted that Global's first Islamic investment fund in Saudi Arabia had returns of 36 percent whereas the company's conventional fund had a return of 25 percent, the report said.