News

Solidere Fund Client Invitation Letter 2018

In reference to the private placement for the “Blom Solidere Real Estate Fund”, which launched its activities on 4/15/2013 with a fund life term of 3 years with two one year extensions. Till date the completed on site progress has reached 99.55%. While works on the project has progressed significantly to the brink of completion, 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 completion of the development works and execution of the marketing and sales.

Development Completion Works:

. Road works have completed (99.5%).
. Sewage works have completed (100%)
. Water works have completed (100%)
. Street lighting works have completed (100%)
. Irrigation works have completed (93%)
. The total works as of date of the meeting is 99.55%.

Due to the market conditions and various circumstances the fund has had to exercise both of its two additional year extensions with the CMA. The fund is heading into its final year’s extension end, and with the new decree letter released on 7/31/2017 by the which states that for any new decisions regarding extension of the fund term, unitholder approval has to be taken through a physical meeting scheduled by the fund manager at a disclosed time and location. The Fund Manager is requesting the following.

We hereby invite you to our official Blom Solidere Fund Unitholder meeting in which we will seek to receive the unitholders approval of the extension of the fund term one additional year. The meeting is scheduled for the 21st of March, 2018 to take place in the BlomInvest Office in Riyadh Saudi Arabia – King Fahad Road – Al Oula at 11:00am Riyadh time.

We look forward to hearing from you and appreciate your consideration.