Financial investment company Shuaa Capital, Qatar investment bank Amwal and Qatar-based Islamic investment bank QInvest, have closed Mezzanine Investment Partners II on QAR 728 million ($200 million; €156 million).
The fund is the first sharia-compliant mezzanine vehicle in the GCC region with an expected IRR of more than 15 percent, according to a statement from Amwal. It will provide financing to Al Waab City, a private mixed-used development in Qatar.
Al Waab City is a low density development in Qatar. The majority of the project is expected to be completed in 2010.
In August, Shuaa Capital Saudi Arabia Partners, a partnership between Shuaa Capital and local businessmen, held a first close on its Shuaa Saudi Hospitality Fund I on $240 million. The fund – said to be the first Saudi Arabia-domiciled private equity real estate fund – will develop 17 hotels and apartments in the kingdom.
A month earlier, Shuaa Partners, the private equity arm of Shuaa Capital, held the first close of Shuaa Hospitality Fund I on $165 million. The $200 million fund will invest in the hospitality sector in the Middle East and North Africa, with a focus on GCC countries, Egypt and the Levant.
Shuaa Capital, Amwal and QInvest could not be reached for comment at time of press.
If you do not receive this within five minutes, please try to sign in again. If the problem persists, please email: