DUBAI: Dubai asset management firm SHUAA Capital has announced a new partnership that aims to tap into the citizenship-for-investment market, with an initial €100 million ($118 million) real estate fund in Montenegro.

SHUAA, which has over $13.6 billion in assets under management, has partnered with Arton Capital, an advisory firm that specializes in real estate projects designed to encourage foreign direct investment (FDI).

The first initiative the partners are aiming to create is a $118 million fund in Montenegro that will develop mixed-use real estate projects targeted at those looking to invest capital in return for residency or citizenship in the European country.

According to a press release issued on Wednesday, the fund is targeting 20 percent return on investment.

“Citizenship by investment is a competitive global market, and the COVID-19 pandemic has only further increased demand as more and more people across the world are now thinking of how to medically, socially and financially secure their future,” Mustafa Kheriba, deputy CEO and head of asset management at SHUAA, was quoted as saying.

Over the last five years, Arton Capital has helped attract around $4 billion in FDI in citizenship-by-investment schemes in 12 countries.

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