News

Blom Maskan Arabia Development Real Estate Fund Client Meeting 2017

In reference to the private placement for the “Blom Maskan Arabia Real Estate Development Fund”, which launched its activities on 1/1/2012 with a fund life term of 3 years with two one year extensions. Till date the completed on site progress has reached 99.37% as the remainder represents finishing for the client once the villa is purchased. The fund has accumulated 111 units in sales and an additional units are currently reserved. While works on the project has progressed significantly, the project has seen different circumstances over the past few years that were beyond our expectations and control which have caused certain delays, yet we have been able to mitigate its effects on the project completion and thus focus completely on market sales. Due to the market conditions and various circumstances the fund has had to exercise both of its two additional year extensions with the CMA. In additional to these the fund has with the approval of the unitholders extended the fund one additional year outside of its official fund life as per the approved terms and conditions. The fund is heading into the additional year’s end, and with the new decree through circulation of letter by the CMA dates, 7/31/2017 which states that for any new decisions regarding extension or other fund matters, approval has to be taken of unitholders through a physical meeting scheduled by the fund manager at a disclosed time and location the Fund Manager is requesting the following. We hereby notify you of our official Blom Maskan Fund Unitholder meeting. The meeting is scheduled for 10/19/2017 at the BlomInvest Offices at 11:00AM.