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DUBAI-Three big-name global real estate investment players have opened funds totaling US $6.09 billion. Sama Dubai, the international real estate investment and development arm of Dubai Holding, and Emirates Bank Group, represented by Emirates Bank and Emirates Islamic Bank, have launched an AED 22-billion (US $5.94-billion) fund targeting the Dubai real estate sector.

Evolvence Capital, owned by nine high net-worth families across the Gulf, is aiming its US $150-million, Shariah-compliant fund at the Abu Dhabi property market. The Evolvence India Life Sciences Fund will provide growth capital to Indian pharmaceutical and biotechnology companies, says Khaled Al Muhairy, CEO and founder of Evolvence Capital. He says the new fund will target $50 million from the Gulf and the remaining $100 million from global markets.

"Initial pre-launch meetings with a selected group of investors were very positive and there is already strong demand from major institutional investors within the GCC [Gulf Cooperation Council] region," Al Muhairy says. Typical investment size will be $5 million to $15 million for "significant" minority stakes. The fund's investments will generally run for five to seven years. Evolvence Capital, set up in 2000, is headquartered in Dubai with satellite offices in New Delhi and New York.