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Abu Dhabi Investment House (ADIH) said that the 'Vision 3' Hospitality Development Fund (HDF) is finalising a number of deals just weeks after its launch.
The authorised billion dollar fund is targeted to raise $300 million by first quarter of 2009. The current projects under consideration for HDF are all primarily based in the MENASA region and include a total of six projects within the Porta Moda and Entertainment City concepts, in addition to three other advanced stage opportunities.
Addressing a press conference on the sidelines of the World Economic Forum in Istanbul, Rashad Y Janahi, managing director, ADIH, said: "The first asset class of HDF will concentrate on developing new hospitality-centric vehicles including hotels, transport solutions and apartment complexes while the second will capitalise on existing hospitality companies who show tremendous potential for growth. These new agreements are an extension of the first asset class with renowned and landmark developments across the globe. The expertise of the Vision 3 alliance will be fully used to further these goals."
Mohammed Khalil Al Sayed, CEO, Ithmar Development Company, said: "The new agreements will take HDF to the implementation stage. The project teams managing the fund all have international experience to help achieve the objectives."
Porta Moda developments are fashion and style themed mixed-use developments encompassing retail, residential, hospitality and leisure elements located in Abu Dhabi, Qatar, India, Morocco and Tunisia.
