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Leading Bahraini Islamic Bank to Invest in Indian Real Estate Sector
| May 23, 2008 |  (Be the first to rate this story!) Loading ... |
Khaleeji Commercial Bank, one of Bahrain’s leading Islamic banks, has announced that it has raised $163.5 million of equity from investors across GCC for Danat India Investment Company that will invest in a real estate development project in the vicinity of New Delhi, India.
Ebrahim H Ebrahim, CEO and Board Member, Khaleeji Commercial Bank, said, “We are extremely pleased with the response to Danat which is our first foray into the Indian sub continent. With a target return on investment of 83% over a 3 year period, Danat seeks to address the demand for middle income residential properties”.
India, currently one of the leading emerging markets is expected to be the world’s third largest economy by 2050, ahead of Japan, the UK and Germany. The economy has posted an average annual growth rate of more than 7% in the decade since 1994, with 2007-2010 growth estimated to be maintained at over 8%. The demand for quality real estate in India is seeing unprecedented growth, adding to the existing gap between demand and supply across all segments of realty, providing tremendous opportunity for property development.
News Published Under: Real Estate India, Banking and Finance |
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