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Istithmar Links Up With AIG

DUBAI-Isthithmar and American International Group are to set up a fund to invest in India, Pakistan, Turkey and North Africa.

By Anita Howarth | Updated on September 18, 2006

DUBAI-Istithmar, the Dubai-based owner of New York’s 280 Park Ave., plans to set up a fund with the world’s largest insurer, American International Group, to invest in Middle East and Asian property. The fund plans to invest in India, Pakistan, Turkey and North Africa, said Istithmar officials in a statement. But no further details of the type of property the fund would target or the size of the fund were released.

Higher transparency and liquidity have been catalysts for real estate’s “growth and popularity as an alternative investment in emerging markets,” said Richard Johnson, Istithmar’s managing director for real estate, in the statement. The statement added that the fund, known as Dar Istithmar Lel Aqarat, would be “well-positioned to draw on the synergies of Istithmar’s extensive knowledge of regional markets and strong reputation in the region, and AIG Global Real Estate’s global property development experience.”

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