Ground-Up Development
Selectively chosen development projects in supply-constrained GCC submarkets — with conservative cost assumptions, pre-agreed exit pathways, and no reliance on peak-cycle pricing.
What We Do
Higher upside. The same discipline.
The Growth Fund targets development and value-add opportunities across the GCC — projects with credible execution plans, explicit margin of safety, and returns that survive correction scenarios. We do not chase paper returns.
Our edge is not optimistic assumptions — it is execution. We underwrite cost overruns, timing slippage, and market corrections before we underwrite upside. Every project must demonstrate a credible, time-bound exit strategy.
“Execution integrity over paper returns.”
Target Opportunities
Where we find value.
Value-Add Acquisition
Assets acquired below intrinsic value with a clear operational or repositioning thesis — where our operator capability creates return that a passive buyer cannot access.
Distressed & Mispriced Assets
Opportunities created by market dislocation, motivated sellers, or capital structure complexity — acquired with a margin of safety and a time-bound recovery plan.
How We Underwrite
We don't start with the return. We start with the risk.
Execution Risk Is Modelled First
We underwrite construction timelines, contractor risk, regulatory approvals, and cost overruns before we model revenue. If execution breaks, the deal must still survive.
No Rosy ASP Assumptions
Average selling prices and exit cap rates are stress-tested down. We do not build business cases on peak-market assumptions.
Tolerance for Correction Is Explicit
Every deal models a meaningful market correction in timing, pricing, and absorption. We require survival — not just sensitivity.
Exit Must Be Credible and Time-Bound
We do not accept vague exit strategies. Every project enters with a defined path to liquidity, tested against realistic market conditions.
Scenario Analysis
Three scenarios. Every deal.
Cost Overrun
- Base Case
- On budget
- Downside Case
- +12%
- Severe Case
- +25%
Timeline Slip
- Base Case
- On schedule
- Downside Case
- +4 months
- Severe Case
- +9 months
Exit Pricing
- Base Case
- As underwritten
- Downside Case
- −10%
- Severe Case
- −20%
IRR Outcome
- Base Case
- 18–20%
- Downside Case
- 11–13%
- Severe Case
- Capital preserved
Illustrative only. Actual scenarios vary by project. Past performance is not indicative of future results.
Investor Profile
For investors who want upside — without abandoning discipline.
Family Offices Seeking Growth Allocation
Investors with a defined growth sleeve looking for development-stage real asset exposure with institutional underwriting and aligned operator execution.
Shariah-Conscious Growth Investors
Investors who require both return potential and Shariah-compliant structure — without compromising on either governance or upside.
Sophisticated & Accredited Investors
Qualified individuals with appetite for development-stage risk, seeking direct exposure alongside the operator rather than through an opaque fund-of-funds structure.
Built to withstand volatility.Not to look good in a spreadsheet.
Accredited and qualified investors may request access to fund documentation.
Target returns are objectives, not guarantees. All investments carry risk of loss. UAE: SCA regulated · U.S.: Regulation D 506(c).