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24 July 2024

Evolvence to unveil $1bn realty fund

By Eudore R Chand


A $1 billion (Dh3.6bn) UAE-focused real estate investment vehicle will be launched by Dubai-based Evolvence Capital over the next couple of weeks.

The offering is projected to add depth to the market.

The only hedge fund operator in the Gulf also plans to raise its fund’s corpus to $250 million to $300m and take it international. A new private equity offering is also planned for later this year. “The real estate investment vehicle will take advantage of the differential between the yield and the cost of borrowing, which has fallen dramatically in recent days,” Khaled Al Muhairy, CEO of Evolvence Capital, told Emirates Business.

“Though the product had been planned some time ago when the interest rate was at 3.75 per cent, even then it had looked very attractive. But now that the rate has dropped to three per cent, it is even more so,” he said. “We have always been a pioneer in the development of products. There is enough innovation in our organisation to come up with products that are special in our region. We promise that this project will be very remarkable too,” said Al Muhairy.

He said his company will invest in the product, which would be publicly traded and could probably be listed on the Dubai International Financial Exchange (DIFX).

“Exchanges take many years to develop but here people expect overnight success. That cannot happen. I am very positive about the DIFX,” he added.

He said further details will be revealed when the real estate project is unveiled in the next few weeks.

He, however, let slip that the company is putting the final touches to a private equity venture that will be announced in the coming months. The Evolvence Capital Hedge Fund is the first independent hedge fund in the GCC.