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Sat 4 Jun 2005 04:00 AM

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New US $27 million property fund launched targeting GCC construction

New investment vehicle for regional property is launched.

The National Investor has launched an US $27 million (AED 100 million) property fund.

The UAE-based merchant banking group plans to target initial investment in UAE, Bahrain, Egypt, Jordan, Kuwait, Lebanon, Morocco, Oman, Qatar, Saudi Arabia and Tunisia.

The new investment vehicle will be called TNI Real Estate Active Fund (REAF) for the Middle East and North Africa region.Head of real estate, Emile Habib, said: 'The value of the region's GDP is approximately US$2 trillion or 4.3% of global GDP and growing.

"Its positive economic fundamentals are supported by higher oil revenues, expansionary fiscal policies, low interest rates and improving public governance.

"This is providing strong benefits by encouraging economic growth, trade, investment and job creation in the region."The minimum investment for institutions is 500,000 units with additional increments of 50,000 units while individual investors must apply for 100,000 units with increments of 10,000 units. The initial offering price is AED10 per unit.

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