Global Investment House awarded 'Best Islamic Real Estate Fund Manager in the Region'

On this occasion, Mr. Shailesh Dash, Senior Vice President and Head of Alternative Investments at Global, said:
"We are honored to be recognized by the Real Estate Investment Summit as 'Best Islamic Fund Manager'." He also expressed his appreciation to the Real Estate team for their ongoing dedication and skills that led to this award.

He, added:

"Islamic Real Estate Funds are considered secure transactions. The number of Pan GCC/MENA Islamic Real Estate Funds are limited in number, in comparison to their high demand by investors, especially in the current market situation."

In an event held at the Four Seasons Hotel, Riyadh, and attended by a number of local and international media and business personalities, Prince Abdul Aziz Bin Mohammed Bin Ayyaf Al-Miqren, Mayor of Riyadh Region, presented the award to Mr. Rakesh Patnaik, Vice President and Head of Real Estate at Global.

Mr. Patnaik, said:

"With the current credit crunch, Islamic lending products have a unique advantage. The Ijara and Musharaka based investment modules are very sought after by the developer/borrower/JV partner, and therefore offers high returns to the investors."

He stated that Global's Real Estate Team consists of 12 real estate professionals with a cumulative experience of over 150 years. The team manages, develops and invests in real estate assets regionally and internationally. He affirmed that "The team has a great deal of experience as they have invested and developed real estate in 11 different countries including Bahrain, UAE, Kuwait, KSA, Oman, Qatar, Jordan, USA, China, India and Vietnam.

The Real Estate Team has a vast experience in investing in all classes of real estate ranging from commercial properties to distressed properties. They are also in-house experts in due diligence, leverage, underwriting, property management and Sharia'a Islamic Principles."

Mr. Patnaik, concluded:
"The team has an excellent track record as they have managed six Sharia'a compliant real estate funds. They also manage more than half a billion assets."

The team has been awarded 'Best Real Estate Investment House 2005' by Euromoney, 'Gulf Excellence Award 2005' and 'Best Real Estate Fund 2006' by IREF.

It is worth mentioning that Global started its Real Estate Fund Team in 2004. Since then, Global has successfully launched six Islamic Real Estate Funds catering to the different geographies of the world. The team has invested and developed real estate in more than ten countries across the US, Asia, GCC, and MENA in different classes of real estate. The Global Real Estate Team is also actively considering launching two more real estate funds, one in Kuwait and the other in Vietnam.