New Star and Emirates NDB Group have announced the launch of the Emirates Islamic global property fund.
The fund will be managed by Enterprise Investment Services, the asset management arm of the Emirates NDB Group, and will be regulated by the Dubai Financial Services Authority.
The Shari’a compliant fund will focus on Continental European and Asian direct commercial property and will reflect the performance of New Star’s own international property vehicle.
New Star chief executive of property fund management Roger Dossett says: “The international property market is a market with great potential. We are delighted to be working with Emirates Investment Services Ltd and we look forward to continuing and strengthening this relationship.”
Emirates Investment Services head of product development David Marshall says: “The Emirates Islamic global property fund is believed to be a “first” in terms of its offering daily liquidity and Shari’a compliant exposure to direct property assets, while focusing on European and Asian direct commercial property. Investors in the GCC countries are demonstrating the importance of Shari’a-compliant investment opportunities and the performance of the New Star International Property Fund led to our decision to partner with New Star.”