Al-Futtaim Capital has launched a $500 million real estate development fund.

Al-Futtaim Capital, the investment and development arm of the UAE conglomerate Al-Futtaim Group, has launched a $500 million real estate development fund. The fund will focus on large scale urban mixed-use developments in the Middle East and North Africa region. Al-Futtaim MENA Real Estate Development Fund will be managed by Al-Futtaim Investment Management Limited, a DIFC incorporated company wholly owned by Al-Futtaim Capital. AFIM has recently been authorised to manage investments by the Dubai Financial Services Authority. Al-Futtaim Capital will contribute $75 million or 15 per cent of the fund’s total value of $500 million. Al-Futtaim MENA Real Estate Development Fund will focus on key cities within the MENA region including Abu Dhabi, Casablanca, Algiers and Cairo. Several potential deals have already been identified in these cities.