Title: Resolution No. (174) of 2019 Regarding Granting a Collective Investment Scheme license to AlRai Real Estate Portfolio Contractual Scheme Managed by First Investment Company

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; and

- The request of First Investment Company to incorporate AlRai Real Estate Contractual  Company in the State of Kuwait; and

- The request of First Investment Company to license AlRai Real Estate Portfolio Contractual Scheme in the State of Kuwait; and

- The Memorandum and Articles of Association of First Investment Company; and

- Agreements of administrative service providers of AlRai Real Estate Portfolio Contractual Scheme; and 

- Resolution No. (149) of 2018 regarding amending the final approval of authorizations for the Supervision Sector’s procedures and delegations issued on 25/11/2018. 

The Following Was Resolved:
 

Article (1)
AlRai Real Estate Portfolio Contractual Scheme is hereby licensed in a capital of KWD 4,365,452 (Four Million and Three Hundred and Sixty Five Thousand and Four Hundred and Fifty Two KWD Only) which regularized their situations pursuant to Law No. (7) of 2010  and its Executive Bylaws and their amendments, and CMA resolutions and regulations issued in this regard.

Article (2)

The Scheme’s license is 3 years, starting from the date of its registration in the collective investment schemes Register at the CMA.

 
Article (3) 
The objectives of the Collective Investment Scheme are as mentioned in the contractual collective investment scheme prospectus.

Article (4) 
The Scheme’s term is 5 calendar years, starting from the date of its registration in the collective investment schemes Register at the CMA. It is renewed for a similar period after the approval of more than 50%  of the schemes capital and the Authority.

Article (5) 

AlRai Real Estate Contractual Company is establishing a special purpose entity to issue new units in the capital of the unit holders in the contractual collective investment scheme so that the partners of the special purpose company are the participants in the contractual collective investment scheme and register the units of the contractual collective investment scheme in the names of the participants in the scheme.

Article (6) 

The assigned fees shall be paid within a month of the date of this Resolution. In case of default, this Resolution shall be considered null and void.

Article (7) 

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.

Zeyad Al-Fulaij
Head of Supervision Sector
Issued on: 21/11/2019

Copy of the Official Document