ADIH successfully closes the USD 100 million Al Wataniya Development Fund in partnership with Al Hilal Bank

•  ADIH launches investment fund in the food sector
• And creates a JV to address healthcare sector in Abu Dhabi during Q4

Abu Dhabi, UAE- Abu Dhabi Investment House (ADIH) announced yesterday in partnership with Al Hilal Bank, the successful closing of its Sharia’a-compliant USD 100 million Al Wataniya Fund with the objective to finance a development within Abu Dhabi’s commercial sector.

The ADIH managed fund in partnership with Al Hilal was launched during the second quarter of this year based on extensive research and studies on the Abu Dhabi market to address a 30% gap between supply and demand within the commercial real estate sector and taking advantage of the competitive land prices due to the current international financial crisis.

Fawaz Ali Al Jowder, CEO at ADIH commented, ‘we are delighted and pleased with the successful closing of this fund, the successful partnership with Al Hilal Bank and the contributions of our institutional and individual investors across the board. The business model of this fund is one of the USPs where location of the development is also an important factor to consider. The extensive study and research behind this fund confirmed the investment opportunities available within the Abu Dhabi real estate market which is still healthy thanks to the government directions and initiatives.’

Aladin Al Khatib Executive Vice President – Treasury & Investment Group at Al Hilal Bank said, ‘we are happy with the achievements of this fund, considering current economic conditions. This fund represents a very good opportunity for sharia’a-compliant investors. The real estate market in Abu Dhabi is a lucrative one where we can quickly address the growing gap in commercial developments as well as present an investment opportunity. With the need to further develop the infrastructure of this area, we aim to highlight high-yielding opportunities to our clients.’

In the near future, ADIH will be launching an investment fund addressing the food sector as well as creating a Joint Venture targeting the Health sector in Abu Dhabi during Q4 of this year.