By Staff writer
Fund will be launched in partnership with Al Mal Capital, with focus on healthcare and education sectors
Dubai Investments has announced plans to launch two funds in partnership with Al Mal Capital.
Khalid Bin Kalban, managing director and CEO of Dubai Investments, said in a statement that the funds would target the healthcare and education sectors and would be sized around AED1 billion ($272 million) each.
"The first fund which is likely to be launched sometime in October will focus on acquisition of real estate assets in the healthcare sector. The second fund is expected to be launched six months later and will target assets in the education sector. The Funds will be structured to provide cash yield of around 8 percent per annum with attractive IRRs on exit," said Kalban.
Dubai Investments will support these funds with seed capital of up to 10 percent, he added.
Last week, it was reported that Dubai Investments is in talks with banks for a $300 million loan that would go towards financing its Mirdif Hills project in Dubai.
The conglomerate, in which sovereign fund Investment Corp of Dubai owns an 11.5 percent stake, is in negotiations with three UAE lenders and one Gulf bank.
In April, the company reported a 5.4 percent rise in first-quarter net profit, making a profit of 297.5 million dirham ($81 million) in the three months to March 31.For all the latest banking and finance news from the UAE and Gulf countries, follow us on Twitter and Linkedin, like us on Facebook and subscribe to our YouTube page, which is updated daily.