CmaBoardReleases
Title: Announcement Regarding Revoking the license of a collective investment scheme granted to establish a fund
Based on Resolution No. (41) of 2017 regarding a collective investment scheme license granted to Al-Fouz Investment Company for the Incorporation of Al-Fouz UK Real Estate Income Fund on 19/03/2017, and in implementation of Article Five of the mentioned resolution which states granting the fund three months temporary renewable license for the purpose of completing the minimum limit of the fund’s capital and issuance of ownership units, and upon the preliminary approval granted upon the company’s request to extend the temporary license validity for a similar term which ended on 11/10/2017, and due to the fund manager not meeting the mentioned requirements of article five, CMA hereby declares revoking the collective investment scheme license granted to Al-Fouz Investment company for the incorporation of Al-Fouz UK Real Estate Income Fund.