Establishment of Acacia Real Estate Co. announced by TAIB Bank
The incorporation of a new $500 million company, Acacia Real Estate Limited, BVI, was recently announced by the Bahrain-based private bank, TAIB Bank.
Acacia Real Estate Limited will provide a range of conventional and Shariah-compliant investments focused on income generating properties and select development projects, according to Khaleej Times.
"Acacia was founded on both the principles and practice of TAIB's real estate investment portfolio development over the past 20 years," remarked Iqbal G Mamdani, Vice-Chairman and Chief Executive Officer, upon announcing this initiative in Bahrain.
"Our experience in real estate investments provides the right platform for this strategic initiative," added Mamdani. "It's also the right time, as India, Turkey and the countries of the GCC in particular offer innumerable investment opportunities in the real estate sector," Mamdani added.
The company will start with an initial paid-up capital of $150 million.