Two Islamic compliant real estate funds will soon be listed on the Dubai International Financial Exchange (DIFX) following a decision by Dubai-based asset management firm, Signature Group.
Signature is putting final touches on plans for the structure of the funds which will invest in property under development, set to be listed by the end of November, according to Khaleej Times.
"We are in the final stages of structuring funds for the DIFX and Indian funds for Luxembourg," said Ghazanfar Sadiq Ali, Chief Executive Officer of the Signature Group. "We will start marketing them at the end of the Ramadan and we hope to close them by the end of November," he added.
The firm is reportedly cooperating with several international banks to structure two closed-ended real estate funds for the Middle East that will be held off shore. A real estate rental fund is reportedly one of the funds that will be listed, "where funds are invested in property already developed and is leased out", explained Ali.
"Unlike most other funds on the market, our funds are project-specific. By the time we start marketing and open the funds for subscription the project into which the funds will go is already identified," Ali added.
