Abu Dhabi Investment House, the leading financial institution in the Middle East, today announced the launch of Porta Reef Investment Fund. The fund aims to invest in the Porta Reef project, to be developed within Reef Island in the Kingdom of Bahrain. Reef Island, is a man-made island being built on the coast of the Bahraini capital Al Manama, previously known as Lulu Island and covers a total area of 579,000 square meters.
Porta Reef is located in the southern part of Reef Island with a breathtaking sea view. It extends over an area is of 16,016 square meters and is divided into three land plots to be developed into three residential towers with luxurious apartments. The total cost of the project is US $90 million.
The $1.2bn Reef Island development off the coast of Manama promises to be Bahrain's most exclusive site. The free-hold development will include apartments, residential buildings, villas, beach villas and a 250-room 5-star hotel & spa. The building construction will commence middle of this year with the first phase scheduled to be completed in early 2009 and the second by the end of 2010.
Mr. Khalid Al Mahmoud, Director of investment in Abu Dhabi Investment House, said: "Porta Reef Fund is considered an excellent investment opportunity as the targeted annual return of 20% over a period of 24 months is expected. This is new evidence that Abu Dhabi Investment House always works fast to take advantage of all investment opportunities arising in the region, and structure them to yield high returns in favor of investors."
Mr. Al Mahmoud confirmed "Porta Reef is distinguished by its prime location at the heart of Manama, the capital of Bahrain; yet, it enjoys the tranquility of the marvelous Gulf beaches. Porta Reef targets middle- and high-income citizens or residents in the Gulf. In a relative short time, Abu Dhabi Investment House gained an excellent reputation of being able to achieve excellent profits and revenues for its investors and customers, higher than the market norms. This makes our investment attractive and enables us to receive overwhelming investor response after we have gained their trust."
On the other hand Sunset Hills is scheduled for completion in 2009, and it is strategically located in the prestigious US$1 billion Al Areen Development Project and offers breathtaking sunset views to its residents. Sunset Hills covers approximately 200,000 square meter at Al Areen’s southern gateway, and its built-up area is over 44,000 square meter.
Al Mahmoud, commented on the second fund by saying: “everybody will be talking about Sunset Hills once it is finished because of its distinguished location and unique components. It will include 300 residential units of villa, town houses, luxury apartment, multi-purpose buildings and a president club.”
Mr. Al Mahmoud added: “we are pleased to announce the launch of an investment fund to finance this project in cooperation with Sorooh Investment Company. We expect that the return on investment reaches 20% annually during the investment's 30-month period.”
Since inception, ADIH has been associated with major landmark infrastructure projects across the region including Beirut Gate, Entertainment City Qatar, Sunset Hills and The Lagoon on Amwaj Islands both in the Kingdom of Bahrain. Our various investment instruments linked to these projects, apart from other offers, have been well received due to our ability to constantly exceeding both clients expectations and competitors.
Mr. Al Mahmoud added: "Abu Dhabi Investment House enjoys strong and unique relationship with investors, businessmen, and decision-makers of different economic sectors in Gulf Cooperation Council (GCC) countries because of the company's achievements and performance that was hailed by investors. Today, our investments extend to most of the GCC countries and beyond to other regional and international markets."
Abu Dhabi Investment House business, in addition to real estate and infrastructure projects, focuses on the existing and emerging potential in private equity, corporate finance, asset management, investment placement, and has interests in managing Initial Public Offerings (IPOs) and buying and selling domestic and international securities.
Al Areen Development is one of the most important real estate projects in Bahrain, and spread over an area of 2 million square meters in one of the most beautiful desert regions in Bahrain, near Al Areen wildlife park. Major components of the development include the recently opened Banyan Tree Desert Spa and Resort - Al Areen, “The Lost Paradise of Dilmun” Water Park which will be inaugurated in the coming summer, Hotel Al Areen, Al Waha Resort, Downtown Al Areen, Sarab Al Areen, Oryx Hills, and Sunset Hills, and other residential villages, entertainment and recreational facilities.
