Dubai’s SHUAA targets citizenship-for-investment market with $118m fund

Dubai asset management firm SHUAA Capital has announced a new partnership that aims to tap into the citizenship-for-investment market, with an initial €100 million ($118 million) real estate fund in Montenegro. (WAM/Emirates News Agency/File Photo)
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Updated 18 November 2020

Dubai’s SHUAA targets citizenship-for-investment market with $118m fund

  • Asset management firm has entered a new partnership, with its first project in Montenegro

DUBAI: Dubai asset management firm SHUAA Capital has announced a new partnership that aims to tap into the citizenship-for-investment market, with an initial €100 million ($118 million) real estate fund in Montenegro.
SHUAA, which has over $13.6 billion in assets under management, has partnered with Arton Capital, an advisory firm that specializes in real estate projects designed to encourage foreign direct investment (FDI).
The first initiative the partners are aiming to create is a $118 million fund in Montenegro that will develop mixed-use real estate projects targeted at those looking to invest capital in return for residency or citizenship in the European country.
According to a press release issued on Wednesday, the fund is targeting 20 percent return on investment.
“Citizenship by investment is a competitive global market, and the COVID-19 pandemic has only further increased demand as more and more people across the world are now thinking of how to medically, socially and financially secure their future,” Mustafa Kheriba, deputy CEO and head of asset management at SHUAA, was quoted as saying.
Over the last five years, Arton Capital has helped attract around $4 billion in FDI in citizenship-by-investment schemes in 12 countries.


Emirates refunds $1.72 billion to customers hit by coronavirus travel restrictions

Updated 57 min 40 sec ago

Emirates refunds $1.72 billion to customers hit by coronavirus travel restrictions

  • Emirates also managed over 130,000 refunds-related queries from customers and travel agency partners

DUBAI: Dubai-based carrier Emirates has refunded $1.72 billion to customers who were unable to take their scheduled flights due to coronavirus travel restrictions the airline announced on Wednesday.
Over the seven-month period from April, the airline processed 1.7 million refund requests and returned about $1.28 billion to passengers who booked tickets directly with Emirates, and the balance reimbursed via travel agencies.
Emirates also managed over 130,000 refunds-related queries from customers and travel agency partners and made status changes to nearly 4 million flight coupons, the statement added.
“In the early months of 2020, COVID-19 massively disrupted travel around the world and led to an unprecedented volume of refunds requests across the aviation and travel industry, including at Emirates,” Tim Clark, President of Emirates, said.
“It was not a situation any airline wanted, particularly while also facing a cash crunch from drastically reduced operations. Through those difficult months, as we dealt with the impact of the pandemic on our business, we’ve never lost sight of our commitment to our customers.”
“Emirates has now cleared our backlog of refunds. We still have higher volumes of refunds and flight coupon change requests compared to pre-pandemic times, but we now have the capability to manage these within a seven-day turnaround,” Clark added.