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 Iskan Hotel (4) Report date: 30/06/2025 Report No: 464718 QIAM VALUATION | REAL ESTATE VALUATION REPORT 1
Slide 2: Statement
Statement Dear : SICO Saudi REIT Fund Greetings Subject: Iskan 4 Hotel valuation report - Al Aziziyah District Hotel in the city of (Makkah Al- Mukarramah). We, Qaim and his partner real estate valuation company, extend our sincere thanks and appreciation to you for choosing us and giving you your p
Slide 3: Executive Summary
Executive Summary Fair price estimate: 109,470,000 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
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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 Hotel Repo
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: Compliance with Standards, Research and Inquiry
QIAM VALUATION REAL ESTATE VALUATION REPORT Compliance with Standards ,Research and Inquiry 11
Slide 12: 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 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 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: Overview of the economy and real estate sector in Saudi Arabia
An overview of the economy and the real estate sector in the Kingdom of Saudi Arabia 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: Hospitality sector indicators - Makkah Al-Mukarramah - 2024
Hospitality sector indicators - Makkah Al-Mukarramah - 2024 AD +1.67ML +18.95ML +20.62ML Total number of Hajj pilgrims Total number of Umrah pilgrims Total number of visitors %75 1250 %5.5 Average occupancy rate 185.000 Total number of hotels Average rate of return %24 %76 268,000 Available room rat
Slide 21: Site studies
Pa] am vattuarion BEAL ESTATE VALUATIO 2 | Site studies
Slide 22: Real estate data and services available in the area
Real estate data and Services available in the real estate area Real Estate Data City Makkah Al-Mukarramah Neighborhood Aziziyah Street Al Aziziah Main Rd Property type Hotel No. land plan 7/21/1 g Plot number 1\277 Area 1287,97 square meters Land use according to regulations Residential - Commercia
Slide 23: Factors affecting the property
Factors affecting the property Impact element Impact determinants Description The property is located in the city of Makkah Al-Mukarramah , in Aziziyah Area overview Importance of the area district Natural factors (environmental) Lands topography Flat Pollution There are no sources of pollution in t
Slide 24: Property description
Property description • The building surface area was determined based on the Building permit. • The age of the property was determined to be (11) years based on the (Building permit). • Number of rooms: 450 rooms. • Number of floors: 23 floors • Condition of the property on the valuation date (30/06
Slide 25: 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 26: Property location
Property location Property is located in: Makkah Al-Mukarramah Neighborhood: Aziziyah Street: Al-Masjid Al-Haram Road Location coordinates N: 21.403004 E: 39.876740 Property under valuation QIAM VALUATION | REAL ESTATE VALUATION REPORT 11666 الرياض- طريق عثمان بن عفان8484 مبنى رقم7 مكتب ر
Slide 27: Photographic survey of the building (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
Slide 28: Photographic survey of the building (2/2)
)Photographic survey of the building and its components (2/2 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
Slide 29: Ownership Documents
Ownership Documents Title deed information Ownership Type Deed date Deed number Owner name Ownership 100% 18/02/1441 520121013430 Al Mashaer Real Estate Company Neighborhood name - Plot number - Plan number - Land area: Neighborhood name Plot number Plan number Land area Aziziyah 1/277 7/21/1 g 1278
Slide 30: Valuation
Valuation 30
Slide 31: 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 32: 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 33: 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 34: 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 35: Used valuation approaches and methods - Fair value hierarchy
Used valuation approaches and methods - Fair value hierarchy 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 - offered land Used valuation methods Replacement cost Discou
Slide 36: Value Estimation
H QIAM VALUATION \ il REAL ESTATE VALUATION REPORT Value Estimation
Slide 37: Estimating the value of the land - Market Approach
Estimating the value of the land - Market Approach - Comparisons method Valuating the land according to Market Approach - Method of comparison with similar sales - For commercial residential lands Clause Comparative real estates Comparative 1 Comparative 2 Adjustments factors Property under valuatio
Slide 38: Estimating the value of the property - Cost Approach
Estimating the value of the property - Cost Approach - Replacement method First: Construction Costs (Direct Costs) Clause Built up area m2 SAR / m2 Value (SAR) Basement 1,288 2,500 3,219,925 Total built up area 16,765 3,500 58,676,730 Total (SAR) - 61,896,655 Second: Other costs (indirect) Professio
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: Hotel income analysis - market survey
Market Approach - Comparison method - Hotel income analysis Market Survey - Hotel Income Analysis Comparison Location Number of Average price per night (Ramadan Average price per night (rest of the Rating rooms Average rental price (Hajj season) season) year) Annual occupancy Operational expenses 1
Slide 41: Shop income analysis - market survey
Market Approach - Comparison method - Shop income analysis Market Survey - Comparative Properties Commercial Rental price per square Comparison Street Name Area meter Total rental value Coordinates Comparison 1 Sheikh Abdullah Road 105 667 70,000 39.8683209383907 ,21.400049352648715 Comparison 2 Al
Slide 42: Market Survey Data Analysis Results – Income Calculation
Market Survey Data Analysis Results – Income Calculation Market Survey Data - Hotel Revenue Analysis Comparison Location Rating Number of rooms Annual occupancy Operational expenses 1 Aziziyah 3 stars 240 %25 %20 2 Aziziyah 3 stars 190 %25 %20 3 Aziziyah 3 stars 200 %25 %15 Annual occupancy rate for
Slide 43: Discounted Cash Flow assumptions
Analysis of valuation assumptions data - Discounted Cash Flow Methods Rental income: The property income was analyzed by reviewing the property contracts and reflecting them in the value calculation for the years 2024 and 2025. After the contract period ended, the rental income was assumed Discounte
Slide 44: Property Valuation – Income Approach
Property Valuation – Income Approach Investment years Cash flow - Inflows 2025 2026 2027 2028 2029 2030 2031 2032 2033 2034 Reversion value 1 2 3 4 5 6 7 8 9 10 Expected growth value %0.00 %0.00 %3.00 %3.00 %3.00 %2.00 %2.00 %2.00 %2.00 %2.00 Actual gross rental income of the hotel 3,174,000 3,174,0
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 hotel, valuing the property using Income Approach (Discounted Cash Flow Method) is considered the best way to estimate the price on the measurement date of 30/06/2025, which wa
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: 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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