A group of prominent Gulf investment firms have created three new investment funds to channel at least $2.8 billion (Dh10.3 bn) into infrastructure, agriculture and hospitality projects in the Middle East and South Asia.
The group of investors, which includes the Abu Dhabi Investment House (ADIH) and the Bahrain-based Ithmaar Bank and Gulf Finance House, had identified key investment niches across the region and moved to develop a first competitor advantage, said Rashad Yusuf Janahi, the managing director of ADIH.
"It's a unique initiative, we did our homework and we have experienced positive feedback," he said.
Together, the three funds will raise $2.8bn from the companies' own contributions and the participation of private investors. They are authorised to raise up to $10 billion.
The first of the three funds, to be called InfraCapital, will invest in infrastructure to support mega-property projects across the Middle East. The fund has an authorised capital pool of up to $6bn, with the companies looking to initially raise $1.5bn.
The second fund, AgriCapital, will serve as a bank for large agricultural producers, and invest at least $1bn into biotechnology and food production overseas, Mr Janahi said.
The Hospitality Development Fund was the third investment vehicle announced yesterday, and will focus on both direct investments of at least $300 million in tourism infrastructure, such as hotels, and take stakes in successful tourism firms.
cstanton@thenational.ae
Company%20Profile
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The design
The protective shell is covered in solar panels to make use of light and produce energy. This will drastically reduce energy loss.
More than 80 per cent of the energy consumed by the French pavilion will be produced by the sun.
The architecture will control light sources to provide a highly insulated and airtight building.
The forecourt is protected from the sun and the plants will refresh the inner spaces.
A micro water treatment plant will recycle used water to supply the irrigation for the plants and to flush the toilets. This will reduce the pavilion’s need for fresh water by 30 per cent.
Energy-saving equipment will be used for all lighting and projections.
Beyond its use for the expo, the pavilion will be easy to dismantle and reuse the material.
Some elements of the metal frame can be prefabricated in a factory.
From architects to sound technicians and construction companies, a group of experts from 10 companies have created the pavilion.
Work will begin in May; the first stone will be laid in Dubai in the second quarter of 2019.
Construction of the pavilion will take 17 months from May 2019 to September 2020.
The Perfect Couple
Starring: Nicole Kidman, Liev Schreiber, Jack Reynor
Creator: Jenna Lamia
Rating: 3/5
ZAYED SUSTAINABILITY PRIZE
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Killing of Qassem Suleimani
Blackpink World Tour [Born Pink] In Cinemas
Starring: Rose, Jisoo, Jennie, Lisa
Directors: Min Geun, Oh Yoon-Dong
Rating: 3/5
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COMPANY%20PROFILE%20
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Kibsons%20Cares
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Mia Man’s tips for fermentation
- Start with a simple recipe such as yogurt or sauerkraut
- Keep your hands and kitchen tools clean. Sanitize knives, cutting boards, tongs and storage jars with boiling water before you start.
- Mold is bad: the colour pink is a sign of mold. If yogurt turns pink as it ferments, you need to discard it and start again. For kraut, if you remove the top leaves and see any sign of mold, you should discard the batch.
- Always use clean, closed, airtight lids and containers such as mason jars when fermenting yogurt and kraut. Keep the lid closed to prevent insects and contaminants from getting in.
Company%20profile
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The Penguin
Starring: Colin Farrell, Cristin Milioti, Rhenzy Feliz
Creator: Lauren LeFranc
Rating: 4/5
The Buckingham Murders
Starring: Kareena Kapoor Khan, Ash Tandon, Prabhleen Sandhu
Director: Hansal Mehta
Rating: 4 / 5
SPIDER-MAN%3A%20ACROSS%20THE%20SPIDER-VERSE
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Racecard
6pm: Mina Hamriya – Handicap (TB) $75,000 (Dirt) 1,400m
6.35pm: Al Wasl Stakes – Conditions (TB) $60,000 (Turf) 1,200m
7.10pm: UAE Oaks – Group 3 (TB) $150,000 (D) 1,900m
7.45pm: Blue Point Sprint – Group 2 (TB) $180,000 (T) 1,000m
8.20pm: Nad Al Sheba Trophy – Group 3 (TB) $200,000 (T) 2,810m
8.55pm: Mina Rashid – Handicap (TB) $80,000 (T) 1,600m