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Gulf firms launch $500m Islamic property fund in Latin America
Ithmaar Development Company, Al Safat Investment Company and Arabian Ventures yesterday announced the launch of a $500 million Sharia-compliant real estate fund targeting real estate assets in Latin America. The closed-ended fund will have an initial term of five years.
- Staff Report
- Published: 00:08 May 22, 2008
Manama: Ithmaar Development Company, Al Safat Investment Company and Arabian Ventures yesterday announced the launch of a $500 million Sharia-compliant real estate fund targeting real estate assets in Latin America. The closed-ended fund will have an initial term of five years.
"In the last few years economic stability has started to take hold in Central and Latin America, which has resulted in unprecedented growth in the region's real estate sector. The robust development of capital markets in Mexico, Brazil, Argentina and Costa Rica has increased liquidity, a clear indicator of positive, economic progress," said Khalid Abdullah Janahi, chairman, Ithmaar Bank.
Waleed Ahmad Al Sharhan, chairman of Al Safat Investment Company, said, "A long-awaited period of sustained economic growth is finally occurring in much of Latin America."
The fund provides Gulf investors with the opportunity to participate in the growth in Latin America.
The fund is expected to provide a financial boost to local real estate markets in Latin America, and also deliver profitable returns to Gulf investors.
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