Signature Group asset management firm recently revealed that it would soon launch two real estate funds totaling $650 million for investment in the UAE and India.
Despite the fact that the two Islamic compliant real estate funds were to have been launched by the end of November, they will be launched instead in the first quarter of 2007 on the Dubai International Financial Exchange (DIFX) according to Khaleej Times.
"We are currently negotiating distribution agreements in the Gulf region and other parts of the world," said recently the recently appointed board director, Rafat Rivzi.
The group is in the advanced stages of finalizing several fund structures including development and rental closed end real estate funds for the Middle East and India and an open ended equities fund for a selected equities market in India. The two Middle East funds and the Indian equity fund will be listed on the DIFX.
Interest from investors has been received from Korea, Japan and Singapore, and as well as from Australia. Demand for Islamic funds, although growing, is still slower however than in Europe, added Rivzi.
