Al Futtaim Capital appoints Volaw Trust

Al Futtaim Capital has appointed the Dubai-arm of Volaw Trust and Corporate Services Limited as Administrator of the Al Futtaim Mena Real Estate Development Fund and the related Al Futtaim Mena Real Estate Shari'a Development Fund, which both closed recently having raised Dh1.84bn between them.

Volaw, which last year expanded its offering by opening a new office in the Dubai International Financial Centre, will provide both trustee and fund administration services, to further consolidate its already strong position in the Middle East.

The combined funds make up the largest investment vehicle of their kind in the region and will focus primarily on urban developments in the Middle East and North Africa (Mena). The funds' investment strategy will focus on Al-Futtaim-led developments in key Mena cities such as Abu Dhabi, Doha, Casablanca and Cairo.

Omar Al Futtaim, Chief Executive Officer of Al-Futtaim Group, said: "We are very happy with this outcome. The fundraising exercise has been extremely successful and has exceeded our expectations. This is the first time that Islamic and conventional investors have jointly committed such significant amounts to develop mixed-use properties in the Mena region."

The innovative structure of the funds allows Shariah investors to participate in attractive large-scale mixed-use development opportunities in compliance with Shari'a law. Contractual arrangements that enable the implementation of best practice corporate governance will also ensure that no conflict of interest arises between Shari'a and conventional investors.