Riyadh – Mubasher: SNB Capital, acting as the fund manager for AlAhli REIT Fund 1, has received approval from the fund’s board of directors to implement a series of non-fundamental changes to the fund’s terms and conditions.
These administrative and operational updates are scheduled to officially take effect on 6 July 2026. The move reflects a comprehensive update to the fund’s governing documents, covering areas ranging from management fees and investment strategies to the oversight of service providers and board composition.
According to the disclosure filed with the Saudi Exchange, a primary component of these amendments involves the introduction of administrator fees.
This change will see the addition of specific language regarding the administrator’s compensation within paragraph 11 of the terms and conditions, which governs fees, charges, commissions, and management expenses. This update will be applied consistently throughout the document wherever such fees are referenced, ensuring a standardized approach to the fund’s cost structure and administrative obligations.
In addition to fee-related adjustments, the fund manager will modify the summary of fund strategies as outlined in sub-paragraph (d) of paragraph 5. While categorized as a non-fundamental change, this update is intended to refine the language surrounding the fund’s strategic approach.
Furthermore, the disclosure noted significant updates to paragraph 14, which pertains to the fund’s board of directors. These revisions to sub-paragraphs (a) and (d) are expected to reflect current board membership and governance protocols, ensuring that the fund’s leadership structure is accurately represented in its official documentation.
The amendments also extend to the fund’s external service providers. SNB Capital confirmed updates to paragraph 18, sub-paragraph (a), regarding property management companies, as well as paragraph 19, sub-paragraph (a), concerning the fund’s auditors.
These updates ensure that the entities responsible for the physical management of assets and the independent verification of financial statements are correctly identified and aligned with the fund’s operational requirements.
Finally, the announcement detailed a formal update to Appendix 3 of the terms and conditions. This appendix contains the Articles of Association for AlAhli REIT Fund – Special Purpose Vehicle (SPV).
The revision of the SPV’s foundational documents is part of the broader effort to maintain the fund’s legal and structural integrity in accordance with the latest regulatory standards for real estate investment traded funds in the Kingdom of Saudi Arabia.
