Browse related articlesAlmas sets up Shariah construction fund
Bahrain: Tuesday, June 17 - 2008 at 10:08
Almas Capital is setting up a Shariah compliant fund for the construction sector, to invest in GCC real estate projects. At $250m, the fund is relatively small, so will invest in only a few projects, and none will be major. Set up in Bahrain, it will provide 60% funding for a project, with the developer providing the rest. Usual construction lending is 70%, but Barmak Berashaty, MD for Almas Capital, believes companies will accept the smaller investment for its faster transaction speeds. Structured on a drawdown basis, the fund should be established by Q4, and expected yields are 30-50%. Over the following two years it wants to increase the fund to $1bn, at which point it can invest in bigger projects.
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Rob Jones, Editorial DirectorTuesday, June 17 - 2008 at 10:08 UAE local time (GMT+4)
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