The investment, the first by the fund, will be used as part of ZonesCorp’s plan to develop road, irrigation, sewerage and electricity networks in the Industrial City of Abu Dhabi, near Mussaffah.

ADCB and Macquarie hope to raise a total of $1bn from regional international investors for the ADCB Macquarie Infrastructure Fund that will be invested around the GCC.

The fund has raised $630m so far, and is one of a number of infrastructure investment funds that have been launched around the region, many of which have only made limited investments so far (MEED 20:3:08).