Thimar Development Holding Company has established a private, close-ended investment fund with a capital of SAR 100 million ($26.7 million) to acquire a 70% stake in Jiyad Al-Ezz. Jiyad Al-Ezz holds exclusive rights to invest in the livestock market and the Al-Mu’aisem slaughterhouse in Mecca for a 25-year term.
The fund will be offered through a private placement, issuing 100,000 units for SAR 1,000 per unit upon establishment. The minimum capital required to operate the fund is SAR 20 million. The fund’s duration is set for seven years, with the possibility of extension for two additional 12-month periods. Thimar’s investment will be capped at SAR 30 million, depending on the fund’s total size. Rasana Financial Company has been appointed as the fund manager and financial advisor.
This move aligns with Thimar’s broader strategy to diversify its investment portfolio. In recent months, the company has announced investments in real estate projects, including a SAR 6 million investment in a fund to develop a residential tower in Riyadh’s Olaya District. These initiatives reflect Thimar’s efforts to expand its operations across various sectors within Saudi Arabia.
The Al-Mu’aisem slaughterhouse, located near Mina in Mecca, is a critical facility for handling livestock, especially during the Hajj pilgrimage when demand for sacrificial animals surges. Historically, the facility has managed substantial volumes; for instance, during the 2018 Hajj season, over 300,000 sheep were slaughtered on the first day of Eid al-Adha. The facility’s capacity and strategic location make it vital to Saudi Arabia’s livestock management infrastructure.
The acquisition of a majority stake in Jiyad Al-Ezz positions Thimar to play a significant role in Mecca’s livestock market and the operations of the Al-Mu’aisem slaughterhouse. This investment is expected to enhance the efficiency and capacity of livestock processing in the region, particularly during peak periods such as Hajj. Additionally, Thimar’s ventures into the real estate sector indicate a strategic diversification aimed at capitalizing on growth opportunities within the Kingdom’s evolving economic landscape.
