Gulfnews: Dh1b infrastructure fund to boost industrial zones
Gulfnews: Dh1b infrastructure fund to boost industrial zones: "Dh1b infrastructure fund to boost industrial zones
By Stanley Carvalho, Staff Reporter
Abu Dhabi: Abu Dhabi's industrial and commercial zones are poised to get a big boost with the launch of a first-of-its-kind Dh1 billion infrastructure fund, officials said.
The Zones Corp Infrastructure Fund, set up jointly by the Higher Corporation for Specialised Economic Zones (Zones Corp), Abu Dhabi Commercial Bank and Australia's Macquarie Bank, will make equity investments in Abu Dhabi's industrial and commercial zones.
Zones Corp will provide 75 per cent of the equity with ADCB and Macquarie providing the remaining 25 per cent of the 10-year closed-end fund. The fund may accept more investors at a later stage.
'The first infrastructure fund in Abu Dhabi will support the future strategic plans by facilitating the delivery of infrastructure at Zones Corp,' said Shaikh Hamed Bin Zayed Al Nah-yan, Chairman of the Abu Dhabi Department of Economy and Planning.
'It will serve as an engine for Abu Dhabi's diversification through a PPP (Public-Private Partnership) model,' he told a gathering on Monday night.
Norman Johnston, Chief Executive of Zones Corp, said there is already a strong pipeline of potential assets identified, including the Industrial City of Abu Dhabi phase II and the Industrial City of Al Ain. 'These and other potential projects are currently undergoing due diligence, the results of which will establish their appropriateness for investment by the Zones Corp Fund.'
Management
The fund will be managed jointly by ADCB and Macquarie Bank, making it the first ADCB Macquarie-managed fund.
Australian investment bank Macquarie makes its debut in the Middle East through this fund and is here for the long-term, said Steven Menzenes, Executive Director.
'Macquarie brings to the Zones Corp Fund its international expertise in the financing, development and operation of infrastructure assets. We look forward to applying our track record towards this exciting initiative for development of infrastructure in the region.'
Macquarie currently manages 24 infrastructure funds globally and these funds hold investments in 95 assets with total equity of $24 billion under management.
'The funds have been giving investors returns in excess of 20 per cent compounded annually,' he said."
By Stanley Carvalho, Staff Reporter
Abu Dhabi: Abu Dhabi's industrial and commercial zones are poised to get a big boost with the launch of a first-of-its-kind Dh1 billion infrastructure fund, officials said.
The Zones Corp Infrastructure Fund, set up jointly by the Higher Corporation for Specialised Economic Zones (Zones Corp), Abu Dhabi Commercial Bank and Australia's Macquarie Bank, will make equity investments in Abu Dhabi's industrial and commercial zones.
Zones Corp will provide 75 per cent of the equity with ADCB and Macquarie providing the remaining 25 per cent of the 10-year closed-end fund. The fund may accept more investors at a later stage.
'The first infrastructure fund in Abu Dhabi will support the future strategic plans by facilitating the delivery of infrastructure at Zones Corp,' said Shaikh Hamed Bin Zayed Al Nah-yan, Chairman of the Abu Dhabi Department of Economy and Planning.
'It will serve as an engine for Abu Dhabi's diversification through a PPP (Public-Private Partnership) model,' he told a gathering on Monday night.
Norman Johnston, Chief Executive of Zones Corp, said there is already a strong pipeline of potential assets identified, including the Industrial City of Abu Dhabi phase II and the Industrial City of Al Ain. 'These and other potential projects are currently undergoing due diligence, the results of which will establish their appropriateness for investment by the Zones Corp Fund.'
Management
The fund will be managed jointly by ADCB and Macquarie Bank, making it the first ADCB Macquarie-managed fund.
Australian investment bank Macquarie makes its debut in the Middle East through this fund and is here for the long-term, said Steven Menzenes, Executive Director.
'Macquarie brings to the Zones Corp Fund its international expertise in the financing, development and operation of infrastructure assets. We look forward to applying our track record towards this exciting initiative for development of infrastructure in the region.'
Macquarie currently manages 24 infrastructure funds globally and these funds hold investments in 95 assets with total equity of $24 billion under management.
'The funds have been giving investors returns in excess of 20 per cent compounded annually,' he said."
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