IBC Group, an UAE-based investment company, is planning to acquire 10,000 holiday homes in Dubai, according to an announcement made by the company yesterday.
The $5bn (Dhs 18bn) deal comes with a potential scale up to acquiring one million properties in more than 100 cities around the world.
Berkshire Hathaway HomeServices Gulf Properties (BHHS) has been contracted on an exclusive basis to be in an advisory brokerage role to help in identifying, acquiring, and financing these properties.
The financial dealings will be done via a $1trillion Sharia-complaint bond or sukuk, according to IBC. The IBC Group is bankrolled by global banking and finance leader, Khurram Shroff, who said that the Group believes in interfaith harmony and catering to all beliefs. “For the Muslim traveller, providing Shariah-compliant vacation homes with standardised Qibla direction and prayer mats in each of our apartments will enhance our offerings in this sector.”
IBC, which has been operational in UAE since 2014, hopes that its partnership with BHHS will fuel its growth as a major driver and influencer in the region and in turn foster more growth and confidence in the Middle east’s flourishing real estate industry.
Deepa Rajan wanted to be a lawyer, so she became a journalist. As a sub-editor her favourite thing to do was rewrite copies. Now, a 15-plus-years career later, she spends time rewriting her own copies. Deepa loves the Oxford comma and binge-watching shows when not serving as a “Tell Me Why” encyclopaedia to her 5-year-old. Write to Deepa at: [email protected]