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Al-Futtaim Capital seals fundraising at Dhs1.84bn

- May 12, 2008, 3:07 pm

This is the largest investment vehicle of its kind in the region.

The Funds will focus on large-scale urban mixed-use developments in the Middle East and North Africa (MENA).

The Funds will be managed by Al-Futtaim Investment Management Limited (AFIM), a Dubai International Financial Centre (DIFC) incorporated company wholly owned by Al-Futtaim Capital and regulated by the Dubai Financial Services Authority (DFSA).

Omar Al-Futtaim, Chief Executive Officer of Al-Futtaim Group, said: “We are very happy with this outcome. The fundraising exercise has been extremely successful and has exceeded our expectations. This is the first time that Islamic and conventional investors have jointly committed such significant amounts to develop mixed-use properties in the MENA region.

“I am particularly pleased that so many of the most prominent enterprises from the region and leading international institutional investors have joined forces with us through their investment in the Funds.”

The Funds’ investment strategy will focus on Al-Futtaim-led developments in key MENA cities such as Abu Dhabi, Doha, Casablanca and Cairo. The Funds seed asset is a portion of Cairo Festival City, an Dhs33.3bn ($9bn) mixed-use development at the entrance of New Cairo City. The Funds will leverage Al-Futtaim Group Real Estate’s (AFGRE) capabilities in development – the expertise that is behind the success of Dubai Festival City, the group’s flagship development.

The Funds will provide capital and AFGRE the expertise to help landowners unlock the value in their property holdings. The Funds and Al-Futtaim will offer co-investment rights to its partners so investment volumes are expected to be in excess of Dhs37bn ($10bn).

The innovative structure of the Funds allows Shari’a investors to participate in attractive large-scale mixed-use development opportunities in compliance with Shari’a law. Contractual arrangements that enable the implementation of best practice corporate governance will also ensure that no conflict of interest arises between Shari’a and conventional investors.

Marwan Shehadeh, Managing Director of Al-Futtaim Capital, said: “This is an excellent time to pursue large scale, mixed-use developments in the region. The Funds are ready to take advantage of MENA’s favourable macro-economic fundamentals. Our offering is unique in that we are the first developer in the region, which, through AFIM, offers a regulated investment management platform in tandem with a large development and property management team with more than 550 professionals in the shape of AFGRE.

“Our deal pipeline is full of exciting opportunities and we will use Al-Futtaim’s network and brands to make the most out of it. Our approach will allow investors, local landowners and governments to benefit from Al-Futtaim’s proven track record, platform and expertise. We are very much looking forward to translating these advantages into returns for our investors.”

Morgan Stanley advised on the structuring of the Funds and acted as the exclusive placement agent and Shari’a structuring advisor. Vinson & Elkins LLP acted as international counsel and counsel on Shari’a structuring legal matters.

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