Al-Futtaim Capital closes region’s largest real estate fund

12 May 2008
Dubai-based Al-Futtaim Capital, the investment arm of Al-Futtaim Group, has completed fundraising for its $500m Al-Futtaim MENA Real Estate Development Fund and the related Al-Futtaim MENA Real Estate Sharia Development Fund.

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.

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