Ento announces $191mn Sharia-compliant fund to finance Wonderland Project
The Wonderland Project will be developed in three phases to include hospitality, entertainment and retail components
A regulated entity of the Dubai Financial Services Authority (DFSA), Ento Capital has launched The Ento Wonderland Fund (CEIC) which is a Sharia-compliant income generating property fund for approximately $191 million for a tenure of 15 years with the ability to extend for additional years.
The fund will be responsible for the development and operation of the Wonderland Project in the Umm Hurair area, beside Dubai Creek on an estimated 230,175 sqm. The launch was conducted at a press conference attended by Dr Omar Abdelkafy, head of the Sharia committee, and DIFC representative, Salman Jaffery, along with individuals from public and private sectors.
Ento Capital will manage the fund to offer increased protection to its investors according to the regulations and legislations of DFSA’s rules, while keeping in mind that its investment objective is to develop the project entirely and generate consistent annual revenues for its investors by either operating or sub-leasing the venture’s components.
The project will be developed in three phases by the Ento Wonderland Property Fund and will include hospitality, entertainment and retail components along with a marina and an amphitheatre.
Haitham Al Masri, CEO of Ento Capital, said: “The establishment of the fund was in line with the development plan that aims to establish the Wonderland Project. The project was structured to be a preferred location for owners and lessees, and to meet their needs and expectations.”
“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.”
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 bolstered the investment climate.”
He added that this is a unique investment opportunity and 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.
Fouzan further talked about another real estate fund soon to be launched for Jeddah, Saudi Arabia for the development of a city in the Kingdom.
