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Hospitality Development Fund Targets Raising $300 Million

$1 billion worth Vision 3’ Hospitality Development Fund (HDF) of the Abu Dhabi Investment House (ADIH)’s is in process of finalising a number of deals just weeks after its launch, targeting raising $300 million by the first quarter of 2009.
The current projects under consideration are based in the MENASA region and include a total of six projects under the Porta Moda and Entertainment City concept, in addition to three other advanced stage opportunities.

Porta Moda developments are fashion and style themed mixed-use developments encompassing retail, residential, educational, hospitality and leisure elements located in Abu Dhabi, Qatar, India, Morocco, and Tunisia.

The Entertainment City is another innovative mixed-use development concept with a focus on entertainment. The first project is currently underway in Qatar on an area covering one million square meters. The master plan of India’s Entertainment City is also in the process of being finalised.

Beirut Gate, a further mixed use real estate development will be located in the heart of downtown Beirut, and will be a collection of residential, commercial and retail buildings.

The fifth project is a theme park, with water slides and rides, that promises to provide entertainment for the whole family. The theme park will be the largest of its kind in the GCC region and will be operated by one of the world’s leading theme part management companies.

A hotel and executive apartments are also under consideration. Developed on a strategic beach front location in the GCC, the 5-star hotel and executive apartment project will target high-end corporate and leisure visitors.

Source: Khaleej Times  

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