Abu Dhabi, April 25
The ZonesCorp Infrastructure Fund the ZonesCorp Fund, an unlisted infrastructure investment vehicle focused primarily on ZonesCorp projects, has been established in the Abu Dhabi emirate.
Sheikh Hamed Bin Zayed Al Nahyan, Chairman of ZonesCorp, said that it was the first infrastructure fund in Abu Dhabi. The fund will support the future strategic plans in the emirate, he said.
The AED 1-billion, 10-year, closed-end fund will be managed by a joint venture between Abu Dhabi Commercial Bank and the Macquarie Bank Group ADCB Macquarie. ZonesCorp will provide 75 per cent of the equity with ADCB Macquarie providing the rest.
ZonesCorp is an independent government authority established in 2004 for the promotion of investment in the economic sector of the Abu Dhabi emirate.
Mr Norm Johnston, the CEO of ZonesCorp, said, "There is a strong pipeline of potential assets identified, including the Industrial City of Abu Dhabi (ICAD) Phase II and the Industrial City of Al Ain.