Ento Capital Launches Ento Wonderland Fund With An Approximate Size Of 702 Million AED
To develop the Wonderland Project on an estimated area of 230,175 sqm.
Ento Capital, a regulated entity by the Dubai FinancialServices Authority (DFSA), launched Ento Wonderland Fund (CEIC), which is a Sharia-compliant income generating property fund. The Fund size is estimated to be approximately 702 million AED and the tenure is set for 15 years with the ability to extend for additional years.
The Fund was launched yesterday in a press conference, with the presence of DrOmar Abdelkafy, head of the Sharia committee, and Salman Jaffery, the representative of DIFC, in addition to a number of prominent businessmen in the UAE and GCC, from both public and private sectors.
Ento Wonderland Fund will be responsible for the development and operation of Wonderland project on an estimated area of 230,175 square meters.
Ento Capital will manage the Fund in an attempt to offer an increased protection to its investors according to the regulations and Legislations of the DFSA’s rules
The Fund’s investment objective is to develop the project entirely and generate consistent annual revenues to the investors, either by operating or sub-leasing the project’s components. The project,which was designed by Engineer Adnan Saffarini Office, is a multi-component development which brings together anopen retail promenade, and entertainment, hospitality, marina and amphitheater
components in order to ensure a complete leisure experience for its visitors.
Thestrategy of the Fund is to distribute constant dividends payouts to its investors, as it applies high standards of corporate governance and reporting scheme. Ento Capital has a track record in managing assets and increasing revenues.
The Ento Wonderland Fund has many key strengths: it is a regulated Sharia-Compliant fund and is managed by a DFSA fully licensed company located in the DIFC.In addition, it is a flexible Fund structure with a mix of developmental components, and has a constant dividend distribution.
The Wonderland Project is set to be developed by Ento Wonderland Property Fund(CEIC) in three phases, and each phase will start its operations accordingly as per the development program.The Project’s development phases are overlapping and the order of executionmight change depending on the developments regarding the ground and market conditions.
The main reasons that Wonderland Dubai project is attractive to investors are its prime strategic location, its waterfront and the surrounding areas including hospitality, entertainment and retail components like hotels, restaurants and cafes. The Project also benefits from Dubai Municipality’s full support, and the Fund's flexibility allows the shareholders to exit via the Sale of Shares before the fund maturity date.
Haitham Al Masri, CEO of Ento Capital, said that “The establishment of the Fund was in line with the development plan that aims to establish the Wonderland Project, which is located within the Umm Hurair area, overlooking the Dubai Creek.”
“The project was structured to be a preferred location for owners and lessees, and to meet their needs and expectations,” he added. “The Wonderland masterplan and the detailed designs have been approved.The demolition of the existing buildings had been completed and the space was prepared for the construction phase.”
“Investment in real estate assets may weaken but it is one of the most profitable types of investments," Al Masri said. "The investment is not limited to professional; a large segment of society can generate incomes through real estate investment, as they venture to generate additional income.However, the real estate activity is one of the most complex activities, but in the Arab world –and the Arabian Gulf in particular – the real estate sector is one of the most secure and stable sectors, only when managed by specialized companies that follow the best standards and deal with the variables through investment strategies of a flexible, dynamic and transparent nature. "
"The management of real estate assets through specialized companies that are subject to regulatory bodies - has helped achieve risk reduction, brought about great benefits for customers, and identified the customers’ business opportunities in addition to their long and short term investment objectives," Al Masri said.
Abdullah AL Fouzan, chairman of Ento Capital said, “Ento Capital has indeed used its over-20-year experience to establish the real estate investment funds. Despite the challenging economic situation, Dubai and DFSA have introduced legislations and regulations that bolsteredthe investment climate.”
"This unique investment opportunity is a continuation of a business bound to put the interests of its customers first, as it offers low risks, high revenues and spectacular locations,” he added.
“Ento Capital will soon launch a real estate fund to develop a distinctive area in the city of Jeddah, Saudi Arabia. This project is a further confirmation that the achievements of Ento Capital are expanding to reach all parts of the region, thus diversifying and expanding its customer base,” Al Fouzan said. “These achievements come as a result of the political and economic will in both Saudi Arabia and the UAE and the desire to achieve economic integration and make the two countries a joined market.”
“Ento Capital is a financial and investment entity regulated by the Dubai Financial Services Authority (DFSA). The company has an approach to provide many innovative investment products in real estate and other sectors in GCC,” he added.
