Flip through the latest issue of Gulf Weekly.
An agreement was reached to create three visionary new initiatives focused on driving market specific innovation across the Middle East, North Africa, South Asia (MENASA) region and beyond.
InfraCapital will be the GCCs first investment bank specialising in the provision of tailored infrastructure development and finance; AgriCapital will be a new investment vehicle focused entirely on serving agricultural ventures and communities and Hospitality Development Fund (HDF) will be established to nurture and support opportunities across the global hospitality sector. This trio of sharia compliant initiatives represent a turning point in the systematic approach to specialist investments.
Each of the three initiatives are the product of a strategic alliance between Gulf Finance House, Ithmaar Bank and Abu Dhabi Investment House and follow intensive due diligence and individual feasibility studies that confirmed a high level of demand across the infrastructure, agriculture and hospitality marketplaces.
While each of the three alliance financial institutions will leverage their networks and experience in the creation of InfraCapital, AgriCapital and the HDF, they will all operate as stand alone businesses under their own management structure.
The latest statistics show that the MENA region accounted for one in every three dollars spent on worldwide infrastructure initiatives. Over the next decade the GCC alone will demand up to $545 billion of investment across the transport, power, water, energy, education and social infrastructure sectors.
InfraCapital was conceived as a direct response to this demand. With proposed authorised capital of $6 billion and target paid up capital of $1.5 billion, it will focus on the provision of specialist services and tailored financial architecture for a wide variety of sub-sector infrastructure initiatives.
Esam Janahi, chairman of Gulf Finance House said: "These initiatives chime with GFH's vision of creating value and accelerating economic prosperity through innovative thinking. When we introduce innovative concepts and apply decades of industry experience to fast emerging economies, the potential to create enormous value and catalyse socio-economic change is almost limitless."
Rashad Janahi, managing director of Abu Dhabi Investment House added: "The role of foresight is central to the conception of credible products and services and the realisation of shareholder value. This is especially true of the hospitality sector and, given the combined experience of the alliance, we are well placed to spot emerging trends early and respond to them with innovative solutions."
Mohammed Hussain, Co-CEO of Ithmaar Bank said: "Our approach is very simple. We listen closely to the highly individual needs of specific industries and tailor our services accordingly."
