09 April 2006
ADCB Mada'en Fund - The First Real Estate Fund from Abu Dhabi Commercial Bank
ADCB is pleased to announce the formal launch of Al Mada'en Real Estate fund, focused on property investments in the GCC and the Middle East North Africa regions, as part of the bank's growing asset management offering.
Al Mada'en fund aims to capitalise on the substantial growth in the real estate sector in the UAE and regionally. It offers both UAE national and expatriate investors a unique long term opportunity to participate in this attractive area of growth. The fund aims to invest in a range of assets, including existing residential and commercial properties, real estate development projects, and the shares of companies engaged in real estate business.
"During the past year we have continued to take tremendous strides towards broadening ADCB offering of investment funds, we are proud of this exceptional product that will allow unique opportunities to a wider segment of investors in UAE". "Al Mada'en is clear evidence on ADCB's vision and progress towards complementing our client's needs, and falls in line with our plans to launch funds that capitalise on the significant growth opportunities in the UAE and beyond". Said Eirvin Knox, Chief Executive Officer of ADCB
"As one of the largest and longest established banks in the region, ADCB is proud to be at the forefront of the development of professional investment initiatives" said Mr. Ala'a Eraiqat, head of UAE banking and Wealth Management at ADCB. "The UAE is leading an unprecedented wave of real estate development in the Middle East. Across the region, the property ownership and development landscape is changing rapidly, presenting attractive investment prospects. Demand for properties, ranging from commercial offices to residential communities is underpinned by both strong inter-regional capital flows and the increasing availability of financing". "Al Mada'en underlines our long term vision of offering investors a range of funds that cater to their individual objectives and investment horizons. Our success is a testament to our innovation, professionalism, and expertise in wealth management".
"Traditionally, direct purchase of large scale properties is prohibitive for most investors on their own due to cost and practical issues" said Mohammed Salih Al Hashemi, Fund Manager, ADCB. "Investing through a fund not only offers exposure to real estate in a more affordable way, but also offers the advantages of access to high quality, wide range of deals, professional management, and portfolio diversification, backed by the well respected track record of ADCB in asset management. Al Mada'en Fund is not only a convenient way to benefit from the regional real estate boom, but also allows investors to broaden their diversification as an alternative to equities".
The initial subscription period ends on 18th May 2006, with ongoing subscriptions at monthly intervals. The minimum amount of investment that can be made by an investor is USD 50,000. In keeping with the fund's long term investment horizon, there is a 12 month lock in period, after which investors may redeem up to 20% of their units annually.
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