Qatar Islamic plans $ 1bn real estate fund


Three Islamic-compliant funds worth a total of $ 824m will invest in retail and residential property in Qatar, including The Pearl Qatar development, Qatar Islamic Chief Executive Salah Mohammed Jaidah was quoted as saying by the Middle East Economic Digest, a London-based weekly.

The bank is also setting up a $ 192m fund to invest in commercial property in London.

It will have a 5-10 per cent stake in the fund, Jaidah said. Qatar Islamic has applied for a banking licence in Britain to meet demand for Islamic investments in Europe, Jaidah had said in January.

The bank reported a doubling of fourth-quarter profit in January helped by gains from property investments in Europe.


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