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Bank Muscat launches property fund to tap opportunities in GCC


AbdulRazak Ali Issa, chief executive of Bank Muscat. Photo - Supplied

Muscat: Bank Muscat GCC Property Income Fund, a fund managed by the asset management division of Bank Muscat, has been launched to harness opportunities in the property market. The fund will invest in income yielding properties that generate a stable annual yield of 7-8 per cent, said a bank release.

The fund is positive about the GCC real estate market as it presents huge growth potential, driven by several structural factors.

The GCC economies are expected to continue their robust growth and these favourable aspects in a macro-economic situation will result in the real estate sector gaining momentum in terms of demand and improvement of prices. Fund investors will benefit from regular dividends and capital appreciation at the time of exit.

Recently, the fund completed its first transaction by acquiring Movenpick Hotel Jumeirah Beach, a five-star hotel located in the prestigious beachfront area of Jumeirah Beach Residence in Dubai.

"The awarding of Expo 2020 to Dubai represents a significant demand generator for the region's hotel industry. Recent announcements of various tourism and entertainment projects reflect the efforts of the Government of Dubai to further position the emirate as a leisure destination and attract more tourists.

Dubai's hotel property markets are witnessing acceleration in growth and the fund is optimistic about generating a superb cash yield to its investors," said AbdulRazak Ali Issa, chief executive of Bank Muscat.

Managing funds and portfolios since 1993 and with assets worth $1.5 billion under management, Bank Muscat Asset Management is the biggest wealth manager in Oman as well as a leading player in the region. This dominant position endorses the performance of various funds under the mandate of Bank Muscat Asset Management and also the proven ability of the fund managers in challenging situations.

Wide range of investments
The Asset Management division continues to expand its activities in equities, fixed income and alternate investments.

Bank Muscat Asset Management division offers a wide range of investment solutions in the Middle East. The division was awarded the 'Best Asset Manager in Oman' in 2010, 2011 and 2013 by EMEA, 'Oman Asset Manager of the Year' award for 2010 and 2011 by Mena FM, and 'Oman Best Asset Manager' in 2011, 2012 and 2013 by Global Investor.

The division's Bank Muscat Oryx Fund was the winner of the Lipper Award in 2009 for the 'Best GCC Fund' and in 2013 received the award for 'Best GCC Equity under $30 million' by Mena FM.

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