CmaBoardReleases
Title: 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
Having Perused:
- Law No. (7) of 2010 regarding the Establishment of the Capital Markets Authority and Regulating Securities Activities and its Executive Bylaws, and their amendments;
- Based on the request of Al Fouz Investment Company to incorporate Al-Fouz UK Real Estate Income Fund; and
- The Memorandum and Articles of Association of Al Fouz Investment Company; and
- Articles of Association, issuance prospectus, and the agreements of the administrative services providers of Al-Fouz UK Real Estate Income Fund; and
- Based on CMA Board of Commissioners Resolution No. (10) of 2017 held on 8/3/2017;
The Following Was Resolved
Article (1)
Al Fouz Investment Company is hereby granted approval for the incorporation of Al-Fouz UK Real Estate Income Fund. It shall be offered for IPO in a variable capital, which shall range between a minimum of GBP 15,000,000 distributed over 150,000 units, and a maximum of GBP 500,000,000 distributed over 5,000,000 units in a value of GBP 100 for each investment unit.
Article (2)
Total of 5,000,000 units shall be offered for IPO in the value of GBP 500,000,000. The fund manager’s participation in the units of the fund shall not be less than KWD 250,000 or equivalent in other currencies. Such units may not be disposed of or redeemed by the fund manager throughout the term of its management of the fund.
Article (3)
The objectives of the collective investment scheme are as mentioned in the prospectus.
Article (4)
The fund’s term is ten years, starting from the date of its registration in the fund’s register at the CMA. It is renewable for similar terms after obtaining the approval of more than 50% of the fund’s capital and the supervising entity.
Article (5)
The fund is granted a temporary license for three months from the date of the approval letter issued by the CMA in order to complete the CMA’s requirements and the minimum limit of the fund’s capital. No activity of the fund’s activities is permitted to be practiced pursuant to this temporary license.
Article (6)
If the temporary license’s term ends and the requirements stipulated in Article (5) of this Resolution are not complete, the temporary license shall be revoked unless it is extended for other similar terms upon the request of the licensee before the end of the original term of the license.
Article (7)
The prescribed fees shall be paid within a month of the date of issuance of this Resolution. In case of default in paying the fees within the specified period, the Resolution shall be deemed null and void.
Article (8)
The fund shall be licensed after completing the minimum of the capital for three years from the date of its registration in the CMA’s register.
Article (9)
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.
Dr. Nayef Falah l-Hajraf
Chairman of CMA Board of Commissioners
Issued on: 19/3/2017