Khaleeji raises $164m for India venture
Manama, May 22, 2008
Khaleeji Commercial Bank has raised $163.5 million of equity from investors across GCC for Danat India Investment Company.
Danat will invest in a real estate development project near New Delhi, targeted at the expanding middle class of India.
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.
'We are extremely pleased with the response to Danat, which is our first foray into the Indian Sub-continent,' said Khaleeji Commercial Bank chief executive officer Ebrahim H Ebrahim.
'With a target return on investment of 83 per cent over a three-year period, Danat seeks to address the demand for middle income residential properties driven by increasing urbanisation, growing disposable income and easier financing options. It offers our investors an opportunity to potentially benefit from the continued growth of the Indian economy, especially the demand from its burgeoning middle class.'
'GCC and Mena will remain our key area of interest, especially given the pace of development in the region,' he said. 'However, we believe there are opportunities in other emerging markets including India and other parts of Asia, which we would like to capitalise on.'-TradeArabia News Service