United Arab Emirates developer Arada, backed by Gulf royals, plans to launch a funds management platform that will develop and manage real estate opportunities across the Middle East, it said on Monday.
Arada Capital aims to reach $5 billion in assets under management in four years from its establishment, the developer said in a statement.
Here are some details on the announcement:
Arada Capital's funds to allow institutional and qualified investors to tap into investment opportunities across various asset classes.
Opportunities first focused on Arada's existing ecosystem and strategic partnerships, wits plans to expand across UAE, Saudi Arabia and other regional markets.
Arada Capital will also gradually expand into infrastructure and broader private market strategies.
Platform will be based in the Abu Dhabi Global Market, where it is seeking final licensing approvals to act as a fund manager.
Moustafa Fahour was appointed as CEO and managing director. He previously held senior roles at firms including Plenary, UBS and Citigroup.
Arada was established in 2017 by Sheikh Sultan bin Ahmed Al Qasimi, a member of Sharjah's ruling family, and Prince Khaled bin Alwaleed bin Talal Al Saud, the son of Saudi billionaire Prince Alwaleed Bin Talal.
Arada is present in the UAE, Australia and Britain.
The developer also operates a portfolio of brands including large-scale gyms and retail assets.