By IANS
Dubai : The United Arab Emirates’ (UAE) leading investment institution Abu Dhabi Investment House (ADIH) announced Thursday the launch of a $400-million Islamic finance-compliant fund to create an Entertainment City in suburban Navi Mumbai.
The fund, which has an investment period of two-and-a-half years, is expected to achieve a 75 percent return on investment (ROI) over the period, according to a company statement issued here.
“India Entertainment City will be one of ADIH’s largest undertakings on a global scale,” Rashad Y. Janahi, managing director and board member of ADIH, said in the statement.
“Having done extensive feasibility research and concept positioning, we are highly confident that IEC will be a one-of-a-kind project that provides a unique investment opportunity for our clients,” he added.
The project in the newly announced economic zone in Navi Mumbai is based on ADIH’s ‘Entertainment City’ concept which is currently being implemented in Qatar.
“As the creator of the Entertainment City concept, ADIH will build on the experience from Qatar Entertainment City to leverage India’s vast potential for investments in the entertainment industry,” Janahi said.
The concept consists of a mixed-use development comprising residential and retail components and focusing on the family entertainment industry.
The new fund will be placed through the ADIH placement team and underwriters, who are marketing the fund throughout the Gulf, the statement said.
The placement team is available in each of the Gulf Cooperation Council (GCC) countries of the UAE, Qatar, Oman, KSA, Bahrain and Kuwait and throughout the region.
The fund is also being marketed to international investors, based on high levels of indicated interest.
Pointing out that the entertainment sector in India presents boundless opportunities for rewarding investments, the statement said that, with a captive audience, IEC would provide a home for actors and supporting industry professionals, along with world-class leisure facilities and entertainment activities for all audiences.
Established in 2005, ADIH is promoted by a group of leading financial institutions of the region and some prominent businessmen and investors at the global level.
Headquartered in Abu Dhabi, the company also has offices in Bahrain and Geneva.