Legends private placement is closed

DUBAI — Abu Dhabi Commercial Bank (ADCB) announced it has closed the distribution of Gulf Financial House's (GFH) private placement for Legends, raising over Dh 50 Million in customer contribution, representing the largest contribution in the project by any UAE based institution.

By A Staff Reporter

Published: Fri 24 Jun 2005, 12:01 PM

Last updated: Thu 2 Apr 2015, 4:45 PM

This Shariah compliant private placement allows investors to benefit from the expanding real estate market in Dubai. Legends is one of the emerging entertainment projects to be completed in Dubai Land, the leisure and entertainment centre coming up in Dubai.

Legends is the first integrated resort development in the Middle East comprising entertainment, leisure, retail, residential facilities as well as commercial property. The first phase of Legends will be completed by 2007.

The core component of Legends is three theme parks; Legends of Arabia, Legends of Nature and Legends of the World. It will also have Legends Leisure Complex, a vibrant mixed destination for family entertainment .

Apart from this, the development will comprise of four themed hotels as well as a 3-4 star International Standard Tower Hotel, a golf course, a permanent residential site "Living Legends" and office complexes "Trade Legends." "This transaction is representative of ADCB's growing array of innovative Shariah compliant investment products, adding to our open architecture model driven mainly by customer demand and needs. It is also an illustration of ADCB's commitment to providing their clients with different opportunities in the UAE," said Ala'a Eraiqat, Head of Consumer Banking Group of ADCB.

"Legends are a unique investment offer for investors with a long-term perspective because the entertainment and leisure industry in the region is on an upswing with tremendous potential to generate quality returns. We are confident that as the project evolves, GFH will be able to offer more opportunities to investors further," said A. Rahman Al Jasmi, Deputy CEO of GFH. "This fund will allow high net worth investors to indirectly tap into the real estate market in Dubai.

It is also a way to diversify their investment portfolios, taking advantage of the different benefits from the different asset classes offered by ADCB," said Ahmed Barakat, Investment Services Product Manager.