Beirut (APD) - Kuwait-based Gulf Investment House (GIH) and Dubai-based Ahmed Ramadan Juma Group (ARJ Group) on Monday announced the start of a private placement for the new real estate firm called Madain Real Estate Company with a capital of AED 500 million ($136 million).
The new company, which will be located in Dubai, will work in the real estate development, auctioning and consultancy, said Waleed Al Rowaih, vice chairman of Gulf Investment House.
GIH, Kuwait-based Arkan Real Estate, Bahrain-based Al Khaleej Development Company and Saudi-based Gulf Properties will own 49% in the new company while 51% will be controlled by ARJ Group and other UAE investors.
GIH works in the Islamic investment and finance sector in accordance with Sharia'a. In the first nine months of 2005, the investment firm achieved net profits of KD 14.93 million ($51.2 million), a 97% increase when compared to the same period of last year.
ARJ Group is a conglomerate which deals in agriculture, industrial units, construction and services. [TS]
By Nadim Issa, APD Staff Writer in Beirut
© APD (Arab Press Digest) 2005
