Al Waha REIT Fund · TADAWUL:9300
Al Waha REIT Fund — SICO Saudi REIT Fund — Investor Presentation (June 2025)
49 slides from Al Waha REIT Fund's investor presentation, Jun 30, 2025
Slide 1: Real Estate Valuation Report
Real Estate Valuation Report Presented to: SICO Saudi REIT Fund Office Building (i-OFFICES) Report date: 30/06/2025 Report No.: 464873 QIAM VALUATION | REAL ESTATE VALUATION REPORT 1
Slide 2: Statement
Statement Dear : SICO Saudi REIT Fund Greetings Subject: Office Building Valuation Report - Al-Rabee District, (Riyadh). We, Qaim and his partner real estate valuation company, extend our sincere thanks and appreciation to you for choosing us and giving you your precious trust to evaluate the proper
Slide 3: Executive Summary
Executive Summary Fair price estimate: 195,197,000 Saudi riyals Valuer • Ismail Muhammad Al-Dubaikhi Membership No. 1210000052 • Salem Muhammad Al Fai` Membership No. 1210000013 • Rayan Mubarak Al-Dosari Membership No. 1210003808 • Ahmed Saleh Al-Attas Membership No. 1220003236 Owner of real estate
Slide 4: Content
Content The specific assumptions and limitations of the report 01 Scope of work 02 An overview of the economy and the real estate sector in the Kingdom of Saudi Arabia 03 Site studies 04 Valuation 05 Value Estimation 06 Appendix 07 11666 الرياض- طريق عثمان بن عفان8484 مبنى رقم7 مكتب رقم-
Slide 5: The specific assumptions and limitations of the report
The specific assumptions and limitations of the report 5
Slide 6: Specific Assumptions and Limitations
Specific Assumptions and Limitations Based on the type and characteristics of the Based on the purpose of the evaluation, Qiam Valuation Company acknowledges that Our company does not bear any responsibility for property and the purpose of evaluation, the which is (Periodic valuation of SICO Saudi t
Slide 7: Scope of Work
{ e | ail * a NS ZA I] F _ BL ese etic fa\ | . ae N }) ~ ° = Scope of Work
Slide 8: Scope of work Standard No. 101
Scope of work Standard No. 101 Other users Client Identity of the real estate valuer SICO Saudi REIT Fund - Investors SICO Saudi REIT Fund Described in the executive summary Value Basis Purpose of the valuation Property under valuation Fair value Periodic valuation of SICO Saudi REIT Fund Office Bui
Slide 9: Valuation currency, standards and information sources
Valuation currency Saudi riyal Valuation Standard followed All work was carried out in accordance with the Accredited Valuers System and the implementing regulations related to real estate valuation issued by the Saudi Authority for Accredited Valuers (Taqeem), and the latest version of the Internat
Slide 10: Work Stages
Work Stages Meeting with the client and determining the scope of work, including the purpose of the valuation, the basis of value, Collecting and analyzing office and field market Work on preparing the report in the parties involved, the date of the valuation, and any data in order to gain knowledge
Slide 11: Standard 102: Compliance with Standards and Research and Inquiry
Standard 102: Compliance with Standards and Research and Inquiry This valuation work was carried out in accordance with the principle of Standard 102 of compliance with the standards, research and survey work, in the following items: • The basis of the value (fair value) is commensurate with the pur
Slide 12: Compliance with Standards, Research and Inquiry
QIAM VALUATION REAL ESTATE VALUATION REPORT Compliance with Standards ,Research and Inquiry 12
Slide 13: Compliance with Standards and Research and Inquiry
Compliance with Standards and Research and Inquiry 01 02 03 The research and investigations undertaken in the context Carry out calculations and perform analyzes by gathering In the event that there are restrictions on the research and of the valuation mission are appropriate to the valuation suffic
Slide 14: Regulatory framework on the International Valuation Standards (IVS 2022)
Regulatory framework on the International Valuation Standards (IVS 2022) General Standards - Criterion 101 General framework: the generally 60.3 Some professional appraisal Scope of Work Paragraph 20: accepted valuation principles and the institutions or regulations allow Emphasizing that the valuat
Slide 15: Real estate and investment properties in the preparation of financial reports
Real estate and investment properties in the preparation of financial reports Clarifying the difference between real estate and investment properties in the financial statements The International Accounting Standard No. 16 IAS 40 defines investment property as any “property, plant and equipment” IFR
Slide 16: An overview of the economy and the real estate sector in Saudi Arabia
An overview of the economy and the real estate sector in the Kingdom of Saudi Arabia DRAFT 16
Slide 17: 2030 Vision
2030 Vision His Royal Highness Prince Mohammed bin Salman bin Abdulaziz Al Saud, Crown Prince, Deputy Prime Minister and Chairman of the Council for Economic Affairs and Development. ” Our ambition is to build a more prosperous country in which every citizen will find what he desires. For the future
Slide 18: Economic growth in Saudi Arabia
Economic growth in Saudi Arabia During its modern era, the Saudi economy has witnessed growth in a large number of sectors, taking advantage of the Kingdom's natural resources, and its geographical and cultural position among the three continents of the world. This growth resulted in building a soli
Slide 19: Business Sectors Overview
Business Sectors Overview Tourism Sector Within the framework of the Kingdom’s Vision 2030, which aims to lay effective foundations and pillars for the future of the Kingdom of initiatives aimed at reducing the main dependence on oil, through many sectors to support the national economy, including t
Slide 20: Site studies
Pa] am vattuarion BEAL ESTATE VALUATION 22> | Site studies
Slide 21: Real estate data and services available in the real estate area
Real estate data and Services available in the real estate area Real Estate Data City Riyadh Neighborhood Al-Rabee Street Al Thumama Road Property type Administrative building No. land plan 3090 Plot number 2+3 Area 6155 square meters Land use according to regulations Administrative Services and fac
Slide 22: Factors affecting the property
Factors affecting the property Impact element Impact determinants Description Area overview Importance of the area The property is located in the city of Riyadh, in Al-Rabee district Lands topography Flat Natural factors (environmental) Pollution There are no sources of pollution in the area Locatio
Slide 23: Property description
Property description • The building area was determined based on the (Building permit). • The age of the property has been determined to be (6) years based on the (Building permit). • The state of the property on the date of valuation (30/06/2025) • When examining the property, it became clear to us
Slide 24: Property Description
Property Description INTERIOR FINISHES Doors Ceiling Wall Cladding Floors Electric Securit Glass Gypsum plasterboard suspended ceilings Paint Marble - Porcelain Windows Health kits Stairs Insulation type Aluminum and double glazing High quality Marble Thermal - Hydro EXTERIOR FINISHES Facades Facili
Slide 25: Property location
Property location Property is located in: Riyadh Neighborhood: Al-Rabee Street: Al Thumama Road Location coordinates N: 24.8087480 E: 46.6669810 Property under valuation موقع العقار محل التقييم QIAM VALUATION | REAL ESTATE VALUATION REPORT 11666 الرياض- طريق عثمان بن عفان8484 مبنى رقم7
Slide 26: Photographic survey of the building and its components (1/2)
)Photographic survey of the building and its components (1/2 QIAM VALUATION | REAL ESTATE VALUATION REPORT شركة قيم للتقييم -ترخيص رقم 1210000052تاريخ االنتهاء 1447/05/03هـ سجل تجاري رقم 1010927632تاريخ االنتهاء 1449/03/15هـ الرقم الموحد - 920025832مكتب رقم 7مبنى رقم 8
Slide 27: Photographic survey of the building and its components (1/2)
)Photographic survey of the building and its components (1/2 QIAM VALUATION | REAL ESTATE VALUATION REPORT شركة قيم للتقييم -ترخيص رقم 1210000052تاريخ االنتهاء 1447/05/03هـ سجل تجاري رقم 1010927632تاريخ االنتهاء 1449/03/15هـ الرقم الموحد - 920025832مكتب رقم 7مبنى رقم 8
Slide 28: Ownership Documents
Ownership Documents مﺴﺢ فوتوﻏرافي للعقار Title deed information Ownership Type Deed date Deed number Owner name :معلومات صك الملكية Ownership 100% 1442\09\02 393140003190 , 393140003189 Al Mashaer Real Estate Company Neighborhood name - Plot number - Plan number - Land area: Neighborhood name Pl
Slide 29: Valuation
Valuation 29
Slide 30: Valuation Approaches
Valuation Approaches ❖ Market Approach ❖ Income Approach ❖ Cost Approach The market approach provides an The income approach provides an The cost approach provides an indication of indication of value by comparing the asset indication of value by converting future value using the economic principle
Slide 31: Market Approach - Standard No. 105
Market Approach-Standard No. 105 It is an approach of estimating the value of a real estate or real estate property based on the market comparison between the property being evaluated and similar properties in the same area that were recently sold. The value indicator of the property being valued is
Slide 32: Cost Approach - Standard No. 105
Cost Approach - Standard No. 105 It is a valuation method that calculates the capital or market value of a property by adding the value of the real estate's land with the value of the buildings erected on the site. Cost Approach should be applied and afforded significant weight under the following c
Slide 33: Income Approach - Standard No. 105
Income Approach-Standard No. 105 Income Approach provides an indication of value by converting future cash flows into a single present value. Under this approach, the value of an asset is determined by reference to the value of the revenue and cash flows that the asset generates or the costs it prov
Slide 34: Used valuation approaches and methods - Fair value hierarchy
Used valuation approaches and methods - Fair value hierarchy طرق التقييم المﺴتخدمة – التﺴلﺴل الهرمي للقيمة العادلة Used valuation methods Valuation Approaches Market Approach Cost Approach Income Approach Used approach Used as an assist Used as an assist Mainly used Field survey (comparisons - off
Slide 35: Value Estimation
H QIAM VALUATION \ i) REAL ESTATE VALUATION REPORT Value Estimation
Slide 36: Estimating the value of the land - Market Approach - Comparisons method
Estimating the value of the land - Market Approach - Comparisons method Saudi market does not have transparency and it is difficult to collect accurate information. Therefore, we were able to collect data for a selected sample of comparisons that reflect the reality of the market in general, and we
Slide 37: Valuating the land according to Market Approach - comparison with similar sales
Estimating the value of the land - Market Approach - Comparisons method Valuating the land according to Market Approach - Method of comparison with similar sales Clause Comparative Properties Comparative 1 Comparative 2 Adjustments factors Property under valuation Value Adjustment Value Adjustment P
Slide 38: Estimating the value of the property - Cost Approach - Replacement method
Estimating the value of the property - Cost Approach - Replacement method First: Construction Costs (Direct Costs) Clause Built up area m2 SR / m2 Value (SAR) Basement 12,293.60 2,500 30,734,000 Built - up area 9,933.28 3,000 29,799,840 Upper Annexes 908.00 2,800 2,542,400 Fence 60 1,000 60,440 Tota
Slide 39: Similar Comparisons Method assumptions
Similar Comparisons Method assumptions Based on the approach used in calculating the market value, which is Market Approach (Method of Similar Comparisons), some steps must be taken to obtain accurate Adjustments, as follows: • Determine the factors that affect the value of the property under valuat
Slide 40: Similar Comparisons Method assumptions
Similar Comparisons Method assumptions Based on the approach used in calculating the market value, which is Market Approach (Method of Similar Comparisons), some steps must be taken to obtain accurate Adjustments, as follows: • Relative control of the area: It is customary to promote a smaller area
Slide 41: Market Approach Inputs - Administrative Offices
Market Approach Inputs - Similar Comparisons Method - Administrative Offices حﺴاب القيمة الﺴوقية لألرض– أسلوب الﺴوق – طريقة المقارنات Rental value valuation of offices according to the Market Approach - Similar Comparison method Clause Comparative Properties Comparison 1 Comparison 2 Adjustments f
Slide 42: Income analysis based on contract data and market survey
Income analysis based on contract data and market survey Annual property income statement according to contracts Unit No. Unit Type Area (m2) Rental value (SAR) Start - end of the contract 1 Administration offices 2910 3,025,000 2022-2029 2 Administration offices 2500 2,750,000 2021-2027 3 Administr
Slide 43: Analysis of valuation assumptions data - Discounted Cash Flow Methods
Analysis of valuation assumptions data - Discounted Cash Flow Methods Rental income: The property income was analyzed by reviewing the contracts of the property being evaluated and comparing it to the market. Based on the duration of each contract, the income was assumed for each year until the end
Slide 44: Property Valuation - Income Approach
Property Valuation – Income Approach سنوات االستثمار Cash flow - Inflows 2025 2026 2027 2028 2029 2030 2031 2032 2033 2034 القيمة االستردادية 1 2 3 4 5 6 7 8 9 10 Unit 1 Expected growth value %0 %0 %0 %0 %0 %0 %0 %0 %6 %0 Total rental value 3,025,000 3,025,000 3,025,000 3,025,000 3,025,000 3,025
Slide 45: Final value of the property
Final value of the property Based on the purpose of the valuation, the nature of the property, and its characteristics as a fully office building, valuing the property using Income Approach (Discounted Cash Flow Method) is considered the best way to estimate the price on the measurement date of 30/0
Slide 46: Appendix
QIAM VALUATION REAL ESTATE VALUATION REPORT Appendix مﻼحق 46
Slide 47: Documents received from the client
Documents received from the client QIAM VALUATION | REAL ESTATE VALUATION REPORT شركة قيم للتقييم -ترخيص رقم 1210000052تاريخ االنتهاء 1447/05/03هـ سجل تجاري رقم 1010927632تاريخ االنتهاء 1449/03/15هـ الرقم الموحد - 920025832مكتب رقم 7مبنى رقم 8484طريق عثمان بن عفان -
Slide 48: Team
Team Rayan Mubarak Al-Dosari Salem Mohammed Al Fai’ Ahmed Saleh Al-Attas Ismail Al-Dubaikhi Real estate - Associate Real estate-Basic Follow Real estate - Associate Real estate-Basic Follow Membership No 1210003808 Membership No 1210000013 Membership No 1220003236 Membership No 121000005 QIAM VALUAT
Slide 49: General Administration contact details
General Administration Riyadh 11666, Othman Bin Affan Road, Building No. 8484, Office No. 6 info@qiam.com.sa www.qiam.com.sa +966 92 002 5832 شركة قيم للتقييم -ترخيص رقم 1210000052تاريخ االنتهاء 1447/05/03هـ سجل تجاري رقم 1010927632تاريخ االنتهاء 1449/03/15هـ الرق
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