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Sun 20 Jul 2008 01:51 PM

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Al-Madina invests $925mn in UAE projects

Islamic investment firm expects to deliver four real estate developments in 2011.

Kuwaiti Islamic investment firm Al-Madina for Finance and Investment has agreed to buy real estate projects worth $925.7 million, it said on Sunday.

The firm bought four towers in the United Arab Emirates' capital Abu Dhabi through two of its units, it said in a statement on the Kuwait bourse website.

Al-Madina Real Estate Development Co purchased three towers for $789 million, while Sarh Al-Madina Real Estate Co, in which Madina has a 50 percent stake, bought a property for $138 million.

All four projects will be delivered in 2011, the statement said. Shares of Madina are up more than 16 percent this year. (Reuters)