News

Blom Solidere Real Estate Fund Client Meeting

In reference to the private placement for the “Solidere Blom Real Estate Fund 3”, which launched its activities on 8/24/2014 with a fund life term of 3 years with two one year extensions. Till date the completed on site progress has reached 100%. 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 achieve its full completion of the development works and all handover works with the Municipalities in Jeddah. We are currently working to achieve the next step which is the execution of the upcoming marketing and sales.

 Development Completion Works:

  • a)  Development Completion Works:
  • b) Sewage works have completed (100%)
  • c) Water works have completed (100%)
  • d) Street lighting works have completed (100%)
  • e) Irrigation works have completed (100%)
  • f) The total works as of date of the meeting is 100%.

*All Municipality works and inspections on the above have been completed (official certification received) and turned over to the Notary public for start of title deed sub-division in order to initiate 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. The fund is heading into its final year’s extension, and with the new decree letter released on 7/31/2017 by the CMA which states that for any new decisions regarding extension of the fund term outside of the Terms & Conditions, 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 Solidere Blom Fund 3 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 22st of July, 2019 to take place at the BlomInvest Offices in Riyadh Saudi Arabia – King Fahad Road – Al Oula at 11:00am Riyadh time. If physical attendance is not possible, attendance through teleconference is recommended.

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