Together the funds are the largest investment vehicle of their kind in the region, and will be used to finance upcoming Al-Futtaim Real Estate projects across the Middle East and North Africa in cities such as Abu Dhabi, Doha and Casablanca. The investment volumes for these projects are expected to exceed $10bn.

The funds use a portion of Al-Futtaim’s $9bn Cairo Festival City, which is currently under construction, as a seed asset. Their structure allows Islamic investors to participate in attractive large-scale mixed-use development opportunities in compliance with sharia law, while receiving the same returns as conventional investors.