Published: July 15, 2009
Abu Dhabi Investment House (ADIH), in partnership with Al Hilal Bank, announced the successful closing of its shariah-compliant US$100mn Al Wataniya Fund with the objective to finance a development within Abu Dhabi's commercial sector.
The ADIH managed fund in partnership with Al Hilal was launched during the second quarter of this year based on extensive research and studies on the Abu Dhabi market to address a 30% gap between supply and demand within the commercial real estate sector and taking advantage of the competitive land prices due to the current international financial crisis.
Aladin Al Khatib executive vice-president, Treasury & Investment Group at Al Hilal Bank says: “We are happy with the achievements of this fund, considering current economic conditions. This fund represents a very good opportunity for shariah-compliant investors.”
He continues: “The real estate market in Abu Dhabi is a lucrative one where we can quickly address the growing gap in commercial developments as well as present an investment opportunity. With the need to further develop the infrastructure of this area, we aim to highlight high-yielding opportunities to our clients.”
In the near future, ADIH will be launching an investment fund addressing the food sector as well as creating a joint venture targeting the health sector in Abu Dhabi during Q4 of this year.