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FINANCIAL NEWS
UAE- Amaanah Investment establishes USD120m fund in UK
26 May 2013
(MENAFN) UAE’s Amaanah Investment Group announced that it has established a USD120 million sharia-compliant fund to enable average Gulf investors to invest in London’s property market, reported Arabian Business.
According to Haashim Al-Rifai, who originally established Amaanah in Abu Dhabi, the size of the fund stands at USD45 million at the current time, and is planned to grow to USD120 million by the end of 2013.
Al-Rifai added that Amaanah, which is currently based in London, will seal its first purchase in the next months.
He said that the fund will purchase properties between 1800 sq ft and 3000 sq ft, situated in the Mayfair, Belgravia, Chelsea and St John’s Wood areas that sell for nearly USD4.53 million and USD7.55 million at the current time.
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