Muscat: The IPO of Oman Real Estate Fund will be close on Tuesday after the Capital Market Authority (CMA) agreed to extend the IPO deadline.
The chairman of United Securities Company said the extension was based on a request from a number of individuals to extend the subscription as the fund gives greater opportunity for foreigners wishing to own real estate projects directly.
As it is the only real estate fund in the Sultanate for investment in commercial and residential properties, it would constitute a great opportunity for individuals to double their annual revenue.
Oman Real Estate Fund is one of the large real estate funds in the Sultanate and the Gulf states, where the total value of the capital is $170 million, with a diversified portfolio of up to 20 individual real estate assets, including a mix of residential, commercial and offices.
Investors can choose category I or category II depending on the investment size and status. Category I has a minimum and maximum application sizes of 1000 and 10,000,000 units respectively while the minimum and maximum application sizes for category II investors stand at 10,000,100 and 163,689,735 units respectively.
The fund is open for subscription to both Omani and non-Omani individuals and juristic persons, and its designated collection agents are Oman Arab Bank, Bank Muscat, Bank Dhofar, National Bank of Oman, Ubhar Capital, Global Financial and United Securities.
The subscribers can contact the collecting banks and agents for submitting the application. ONA
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