08 July 2009
Al Futtaim Capital, the investment and development arm of Al Futtaim Group, has deployed a third of its $500 million (Dh1.84 billion) real estate fund in Egypt and Morocco projects and is studying opportunities in Qatar, Abu Dhabi and Libya, said a company executive.
"We are opportunistic and right now we are looking at Qatar, Abu Dhabi and Libya," Marwan A Shehadeh, Managing Director, Al Futtaim Capital told Emirates Business.
In February 2007, Al Futtaim Capital launched the $500m real estate development fund to focus on large-scale urban mixed-use developments in the Middle East and North Africa. The Al Futtaim Mena Real Estate Development Fund is being managed by Al Futtaim Investment Management Limited, which is a DIFC-incorporated company.
"We are doing our due diligence on supply and demand on the real estate sector in different markets and depending on the development timelines and financing availability we will be closing the fund next year."
The company is a major shareholder in the Cairo facility, which is into retail development.
"In Morocco, it is going to be a combination of retail and mid-income residential development.
"We have been looking at the Morocco market for a while," he added.
Al Futtaim Capital, the investment and development arm of Al Futtaim Group, has deployed a third of its $500 million (Dh1.84 billion) real estate fund in Egypt and Morocco projects and is studying opportunities in Qatar, Abu Dhabi and Libya, said a company executive.
"We are opportunistic and right now we are looking at Qatar, Abu Dhabi and Libya," Marwan A Shehadeh, Managing Director, Al Futtaim Capital told Emirates Business.
In February 2007, Al Futtaim Capital launched the $500m real estate development fund to focus on large-scale urban mixed-use developments in the Middle East and North Africa. The Al Futtaim Mena Real Estate Development Fund is being managed by Al Futtaim Investment Management Limited, which is a DIFC-incorporated company.
"We are doing our due diligence on supply and demand on the real estate sector in different markets and depending on the development timelines and financing availability we will be closing the fund next year."
The company is a major shareholder in the Cairo facility, which is into retail development.
"In Morocco, it is going to be a combination of retail and mid-income residential development.
"We have been looking at the Morocco market for a while," he added.
By Staff Writer
© Emirates Business 24/7 2009
