Sorooh plans to launch Islamic-compliant EU fund |
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Sorooh Investment company has signed a memorandum of understanding with Prime Property Consultants Company and HE Hamad Bin Abdullah Al-Attiyah to create " Sorooh European income-generating Fund -- Al Seif compliant with Islamic Sharia". The fund will be established with equity of 200 million Euros representing a total investment volume of approximately 650 Euros and will offer investors the opportunity to invest in high-quality income generating from commercial real estate in Western Europe. The memorandum of understanding was signed at the headquarters of Sorooh Investment Company in the State of Kuwait. Sorooh was represented by Mohsen Mohammed Al-Harbi, CEO of the company, Prime Property Consultants Company(PPC) was represented by Axel Czaja, the Managing Director of the company, and by HE Hamad bin Abdullah Al-Attiyah, the Advisor to the Fund and chairman of the fund investment committee.
Al-Harbi commented that the fund aims to source companies, institutions and individual investors on approval of the Central Bank of Kuwait and other regulatory authorities of Kuwait. The fund will invest in commercial real estate property in Western Europe, after undertaking a careful study of the global commercial real estate's sector and identifying the most viable options to structure an investment fund that meets the needs of customers and investors who seek low risk returns, higher than returns generated on bank deposits. It will also distribute income to investors on a quarterly basis. Al Harbi mentioned that the fund is intended with a term of five years.
The fund advisor and chairman of the fund investment committee HE Hamad bin Abdullah Al-Attiyah, former Director of the Social Security Institution in the State of Qatar and one of the market makers, who is well known for his high strategic investments and as a distinguished entrepreneurial figure, affirmed the importance of the project that Sorooh Investment has sponsored with one of the largest consulting firms in the real estate sector that carries great potential and high standards of professionalism. HE Al-Attiyah mentioned that this project has good prospects as experts from both the financial and real estate sector will work in union. He stated that the expected launch date of the fund for investors in Europe and the Gulf will be in the first quarter of 2010.
Axel Czaja, the Managing Director of Prime Property Consultants, praised Sorooh Investment for introducing this fund to improve the quality of life in the Islamic world by preserving and growing the wealth of investors through simple and secure investments under Islamic Sharia. He said the fund would select the best investment opportunities based on parameters such as income rates, property performance and growth of the market that are in line with our investment aspirations to achieve best results for our investors. Prime Property Consultants Company has vast experience in real estate management. We have a number of properties under consideration, after carrying out a comprehensive analysis and we hope to add them to our portfolio soon. The global increase in demand for the Sharia-compliant investments will give the fund a strong boost by European investors, added Czaja.
Prime Property Consultants is a strategic partnership between Qatar & Europe and is chaired by HE Abdullah bin Khaled al-Attiyah, former governor of Qatar Central Bank and its executive management, headed by Axel Czaja and a group of advisors from Europe, who have considerable experience in the real estate investment sector. European investors will participate in the Fund with an amount of One hundred million Euros, alongside investors from the Gulf with an equivalent amount. The contribution of European investors is the result of the trust and their relationship with the managers and the founders of this fund.
© Arab Times 2009
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