المادة 47(a): Conditions for Offering REITs

a) The following conditions must be satisfied when applying:

1) The fund type: the REIT fund must be a closed-ended fund.

2) The minimum requirement for establishment: the fund's total assets value must be 500 million Saudi Riyals at least, upon establishment, to offer its units in the Main Market, and not less than (100) million Saudi riyals to offer its units in the Parallel Market.

3) The nominal value per unit: the nominal value per unit must be (10) Saudi Riyals.

4) Subscription fees: public unitholders may only subscribe by way of cash contributions.

5) Subscription limit: the minimum subscription must not exceed (1000) units per unitholder.