01 February 2008
Leading investment bank and asset management company, Global Investment House 'Global', announced yesterday that its Global GCC Real Estate fund is expected to distribute dividends during the first quarter of 2008 thanks to exceptional performance.
The fund was established in the year 2005 to tap the booming real estate market in the GCC region and the Islamic Shari'a compliant investments were fully invested in a number of big real estate opportunities in Bahrain, Kuwait, and Oman.
It had also invested in income producing properties in Bahrain and Kuwait, which are giving secured returns to the fund, said Sameer A. Al-Gharaballi, Executive Vice President at Global and the Fund's Manager.
He said the plan for 2008-2009 was to start liquidating the investments and return back the capital to the investors plus their profit. The fund's strategy was geared towards providing proper residential units for middle income families in the GCC region.
Fawaz Al Bader, Senior Investment Manager of the Real Estate Unit said the fund had made investments in Saar area in the Kingdom and was able to sell 85 per cent of phase one of the projects during the planning and initial stage of the construction process. About 20 per cent of the construction work was complete.
In Kuwait, the fund has invested in a project located in Hadiya consisting of 28 villas. "The fund has sold 90 per cent of the villas and is expecting to exit this investment during the second quarter of 2008," said Al Gharaballi.
He pointed that the development projects are in partnership with Alargan International Real Estate or one of its fully owned subsidiaries and that the demand for the products that have been developed, has been excellent since the inauguration of the Fund.
The fund has also invested in Al Hail area in the Sultanate of Oman - a residential project of 100 villas. "The fund successfully sold the project completely in a very short span." Around 75 per cent of the construction was now complete and the handing over of properties was expected to commence by the end of March.
In addition, the fund has also invested in the Al Qurum gardens area in Oman. The construction permits are out and construction is expected to start soon. The waiting list for the project reflects a demand that far exceeds the supply from the project, they maintained.
Leading investment bank and asset management company, Global Investment House 'Global', announced yesterday that its Global GCC Real Estate fund is expected to distribute dividends during the first quarter of 2008 thanks to exceptional performance.
The fund was established in the year 2005 to tap the booming real estate market in the GCC region and the Islamic Shari'a compliant investments were fully invested in a number of big real estate opportunities in Bahrain, Kuwait, and Oman.
It had also invested in income producing properties in Bahrain and Kuwait, which are giving secured returns to the fund, said Sameer A. Al-Gharaballi, Executive Vice President at Global and the Fund's Manager.
He said the plan for 2008-2009 was to start liquidating the investments and return back the capital to the investors plus their profit. The fund's strategy was geared towards providing proper residential units for middle income families in the GCC region.
Fawaz Al Bader, Senior Investment Manager of the Real Estate Unit said the fund had made investments in Saar area in the Kingdom and was able to sell 85 per cent of phase one of the projects during the planning and initial stage of the construction process. About 20 per cent of the construction work was complete.
In Kuwait, the fund has invested in a project located in Hadiya consisting of 28 villas. "The fund has sold 90 per cent of the villas and is expecting to exit this investment during the second quarter of 2008," said Al Gharaballi.
He pointed that the development projects are in partnership with Alargan International Real Estate or one of its fully owned subsidiaries and that the demand for the products that have been developed, has been excellent since the inauguration of the Fund.
The fund has also invested in Al Hail area in the Sultanate of Oman - a residential project of 100 villas. "The fund successfully sold the project completely in a very short span." Around 75 per cent of the construction was now complete and the handing over of properties was expected to commence by the end of March.
In addition, the fund has also invested in the Al Qurum gardens area in Oman. The construction permits are out and construction is expected to start soon. The waiting list for the project reflects a demand that far exceeds the supply from the project, they maintained.
© Bahrain Tribune 2008
