Unicorn Investment Bank receives BMA approval to launch ‘Gulf Springs’
Bahrain, 22 May 2006 - Unicorn Investment Bank, in partnership with Abu Dhabi Holding Company, is launching its second BMA approved Shari’ah compliant real estate fund: Gulf Springs. Gulf Springs is an innovative US$ 150m Shari’ah compliant real estate fund that will invest across the Middle East and North Africa. It is syndicating the largest and most prestigious real estate names in the region to promote this geographic and sector diversified residential fund.
Jacques Bernard, MD Head of Unicorn’s asset management said: “With respect to real estate investment, the Middle East and North Africa are collectively one of the most dynamic regions in the world. As this strategic area manages unprecedented economic growth, tremendous opportunities exist for disciplined and strategic real estate investments and developments. The Gulf Springs Real Estate Fund has been conceived to provide prudent investors with an exceptional vehicle to participate and capitalize on these immediate opportunities in this thriving market. The combined features of sustained high oil prices, and favorable demographics are powerful elements in the formation of a sound and durable performing real-estate market”.
The minimum subscription amount for this 3-year closed end fund is for Institutional Investors US$ 1,000,000 with increments of US$ 100,000. For Individual Investors the minimum subscription amount is US$ 100,000 with increments of US$ 10,000. The founding investors comprise; Abu Dhabi Holding Company (UAE), Unicorn Investment Bank (Bahrain), Dar Al Arkan Real Estate Development Company (Saudi-Arabia), Al Ghaith Holding (UAE), Oman Emirates Holding Co. (Oman), Al-Marzooq Real Estate (Bahrain). These founding investors, which are amongst the most prominent real estate names in the Gulf, attest to the high quality of Gulf Springs’ portfolio.
Unicorn Investment Bank closed just recently its’ last real-estate fund “KSA I” investing in Saudi and generating 19% growth.