CMA LAW: Resolution No. (28) of 2026 Regarding Granting a Private Marketing License of a Collective Investment Scheme Incorporated outside the State of Kuwait to KFH Capital Investment Company to Market the Units of KFHC U.S. REAL ESTATE FUND X

Having Perused:
- Law No. 7 of 2010 Regarding the Establishment of the Capital Markets Authority and Regulating Securities Activities and its Executive Bylaws, and amendments thereto; and
- The Memorandum and Articles of Association of KFH Investment Company, and the agreement between the representative of the collective investment scheme, which is KFHC Investment Advisory X LTD, and the marketing manager KFH Investment Company; and
- The application of KFH Investment Company to conduct a private marketing for the units of KFHC U.S. REAL ESTATE FUND X; and
- Based on Resolution No. (04) of 2025 regarding the amendment of the approval authorizations for the Supervision Sector's procedures, issued on 12/01/2025.

The Following Was Resolved
Article (1)
KFH Investment Company is hereby licensed to market 250,000 units (two hundred and fifty thousand units only) of KFHC U.S. REAL ESTATE FUND X as a private marketing in the State of Kuwait. It is incorporated in the Cayman Islands, divided as follows:

1- 5000 units (five thousand units only) whose holder does have a voting right, each of which consists of the following:
• One ordinary share in KFHC Real Estate Equity X Ltd., and
• One ordinary share in KFHC Real Estate Finance X Ltd.

2- 245,000 units (two hundred and forty-five thousand units only) whose holder does not have a voting right, each of which consists of the following:
• One ordinary share in KFHC Real Estate NV Equity X Ltd., and
• One ordinary share in KFHC Real Estate NV Finance X Ltd.

The offering price shall be determined based on the net asset value per unit at the time of the offering/purchasing, in addition to the subscription fee of 2% of the purchase price of each investment unit.

Article (2)
The marketed units shall be offered only for professional clients in the State of Kuwait according to Module One (Glossary) of the Executive Bylaws of Law No. 7 of 2010 Regarding the Establishment of the Capital Markets Authority and Regulating Securities Activities and their amendments.

The parties receiving the subscription applications are as follows:
- KFH Investment Company.
- Kuwait Finance House (KFH).

Article (3)
The objectives of the Collective Investment Scheme are as mentioned in the prospectus.

Article (4)
The marketing license term is one year from the issuance date of CMA’s license, and after paying the prescribed fees.

Article (5)
The prescribed fees shall be paid within one month from the date of issuance of this Resolution. In case of default, this Resolution shall be considered null and void.

Article (6)
The concerned bodies shall execute this Resolution, each within its jurisdiction. This Resolution shall come into force from the date of its issuance, and it shall be published in the Official Gazette.

Zeyad Al-Fulaij 
Head of Supervision Sector
Issued on: 12/03/2026

Copy of the Official Document

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