Adih successfully closes $100m fund

Abu Dhabi Investment House (Adih), in partnership with Al Hilal Bank, yesterday announced that it had closed its $100 million (Dh367m) Al Wataniya fund after attracting the required amount of capital. Adih sources told Emirates Business that all the subscribers were from Gulf countries and most were from the UAE. They said the subscription period was no more than two months despite expectations that more time would be needed because of the global financial crisis. The sources said the fund would soon announce plans to finance real estate projects in Abu Dhabi and for that licensing procedures were being finalised. The first project would involve office properties, they said. They said a food investment fund would be launched in Abu Dhabi soon in addition to a health company that would be formed by the end of the year. CEO Fawaz Ali Al Jowder said the new Shariah-compliant fund had been a big success despite the current economic circumstances. “The success reflects the confidence of prestigious financial establishments and investors who always support the investment products launched by Adih,” he said. Investors had been attracted by a number of factors, importantly, the location of the fund as Abu Dhabi’s economy enjoyed a high degree of stability. “The emirate has a clear strategy to overcome global crises and to protect the national economy from their fallout. Abu Dhabi is an open market that enjoys high indicators of sustained growth,” he added. Al Jowder said Adih had decided to invest cash from the fund in office units after studies showed a gap of up to 30 per cent between supply and demand. Aladin Al Khatib, Executive Vice-President of the Treasury and Investment Group at Al Hilal Bank, said: “We are happy with the achievements of this fund.” Keep up with the latest business news from the region with the Emirates Business 24|7 daily newsletter. To subscribe to the newsletter, please click here .