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Dubai, June 5: : A prominent Islamic bank's India-based fund designed to invest in the South Asian country's booming real estate market has received an an overwhelming response by investors in Dubai.
The Emirates Islamic Bank's (EIB) 'Danat RIA Fund', which aimed to capitalise on the Indian real estate scene, found a willing investor audience in and around the UAE, general manager, retail banking of EIB, Faisal Aqil said.
"The Indian real estate market is a prime investment target and this fund gave investors in UAE a window of opportunity which was readily accepted, he said, expressing optimism investors will enjoy a return of about 60 per cent in three-four years on investment.
Investments into the fund are now closed, with the bank having collected the required amount of Dh 210 million (USD 57.19 million), the bank said in a statement, adding, "The fund has exceeded all expectations. The Bank has co-invested its own proprietary money in the fund to the tune of Dh 60 million," it said.
Buoyed by the positive response, the EIB is now planning to launch a second fund focused on the Indian realty sector.
This will add to a growing portfolio of well-researched funds aimed at generating wealth for investors in UAE, the bank said.
EIB will now acquire 77.78 per cent equity in Danat RIA Company, which has been established with the principle purpose of acquiring a parcel of land (around 500 acres) to develop an integrated middle income township within the boundaries of New Delhi.
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