New Arab fund launched to finance India Entertainment City
Dubai: The United Arab Emirates' (UAE) leading investment institution Abu Dhabi Investment House (ADIH) announced Thursday the launch of a $400-million Islamic finance-compliant fund to create an Entertainment City in suburban Navi Mumbai.
The fund, which has an investment period of two-and-a-half years, is expected to achieve a 75 percent return on investment (ROI) over the period, according to a company statement issued here.
"India Entertainment City will be one of ADIH's largest undertakings on a global scale," Rashad Y. Janahi, managing director and board member of ADIH, said in the statement.
"Having done extensive feasibility research and concept positioning, we are highly confident that IEC will be a one-of-a-kind project that provides a unique investment opportunity for our clients," he added.
The project in the newly announced economic zone in Navi Mumbai is based on ADIH's 'Entertainment City' concept which is currently being implemented in Qatar.
"As the creator of the Entertainment City concept, ADIH will build on the experience from Qatar Entertainment City to leverage India's vast potential for investments in the entertainment industry," Janahi said.
IANS
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