RUSSIA - Barwa Real Estate, Gazprombank announce closing of Russia fund

Doha/ Moscow: Barwa Real Estate Company QSC and Gazprombank OJSC (an affiliate of the world’s largest gas producer and exporter Gazprom) jointly announced yesterday the first closing of the Shariah compliant, Barwa Gazprombank Russia Real Estate Fund. The Fund represents the first collaboration between Barwa and Gazprombank and the two companies will seed the Fund with $75m capital each. The First Investor QSCC (TFI), a wholly-owned subsidiary of Barwa Bank, will contribute $2m into the Fund.


The intention to launch the Fund was announced in July 2010 at a joint press-conference during the Saint Petersburg Economic Forum.

Tariq Al Jaber, CEO, Barwa International said: “We are very proud today to announce the first closing of the Russia Fund. This reinforces our belief in the success of the first joint collaboration with Gazprombank and lays the foundation for future successful endeavours with our Russian partner. We are looking forward with optimism to the future and strongly believe in the success of this venture”.

Anatoly Miliukov, Executive Vice-President, Head of Asset Management at Gazprombank said: “We welcome Barwa Real Estate Company and TFI as our partners in the Fund and look forward to working together on this joint initiative. We have achieved our first closing within our initial timeframe, which demonstrates the positive spirit of our relationship with Barwa Real Estate and the efficiency of our co-fund manager, The First Investor.”

Source : http://www.thepeninsulaqatar.com/business-news/137739-barwa-real-estate-gazprombank-announce-closing-of-russia-fund.html - Jan 3, 2011