Jeddah-based Al Tawfeek for Investment Funds plans to raise between $10 million-20 million at the initial closing of its latest leasing fund. Initial subscriptions for the open-ended GCC Leasing Fund must be submitted by 30 July.

The Cayman Islands-registered institution, part of Dallah Al-Baraka Group, says the fund is expected to raise funds of $50 million during the next 12 months, but this will depend on the performance. The authorised capital is $100 million. Each unit will cost initial subscribers $1,000, and the minimum investment is $5,000. The price of shares after the initial subscription period will be linked to net asset value of the fund.

The fund will concentrate on direct leasing of cars, heavy vehicles, real estate, medical and industrial equipment. It is the latest leasing fund launched by the Islamic investment house. It also manages the International Leasing Fund with capital of $25 million.

Al Tawfeek manages funds worth about $400 million, including the Jeddah Tourist City Fund, financing development of a resort village on the Red Sea, and the Lebanon Reconstruction Fund.