Riyadh, 12 March, 2024:

GIB Capital and Edarah Company for Real Estate Development announce the establishment of a private fund to develop the infrastructure for the second and third phases of the prestigious Madinat Al Wouroud project. Spanning approximately 4.9 million square meters in Taif, this ambitious undertaking aims to create a vibrant residential and commercial community.

Madinat Al Wouroud boasts a diverse range of amenities, including residential and commercial areas, social facilities, mosques, a minaret, and exercise trails. With careful consideration given to the economic conditions of the community, the Al Wouroud 2 and 3 serve as an extension to Madinat Al Wouroud, providing a distinct advantage over other locations in Taif.

Taif, renowned for its remarkable progress, is home to a population of 1.7 million residents and attracts an impressive annual influx of 3 million tourists. The city's thriving economy and captivating appeal make it an ideal destination for investment opportunities.

Mr. Osamah Shaker, CEO of GIB Capital, expressed his satisfaction with the partnership, stating, "GIB Capital is pleased to act as the investment arm for the second and third phases of the Madinat Al Wouroud residential project. Our unwavering dedication to alternative investments empowers GIB Capital’s clients with exceptional portfolio diversification opportunities. The significant growth projected in Taif aligns perfectly with our vision for future economic development and is in harmony with the goals set forth by the Kingdom's Vision 2030."

Edarah Company for Real Estate Development, a prominent player in the industry, has been instrumental in constructing iconic landmarks in Taif and elsewhere. The company's track record of adhering to the highest global standards ensures the successful execution of projects, which includes hotels, malls, and various developments across Saudi Arabia.

Established in 2008, GIB Capital offers a comprehensive range of innovative and customized financial and investment banking products and solutions including asset management, equity capital markets advisory, mergers and acquisitions, debt capital markets, debt advisory, and brokerage services. With a strong presence in the Saudi market, GIB Capital is recognized for delivering exceptional financial advisory services to government-related entities, institutions, family businesses, and investors.

This partnership underscores GIB Capital's commitment to driving economic growth and exemplifies its dedication to providing outstanding financial solutions in line with the Kingdom's Vision 2030.