The First Group looks to raise $100m for Dubai fund

A UK-based property company developing high-end apartments and some commercial property in Dubai plans to list a closed ended fund on the Channel Islands stock exchange focused on investing in property in Dubai and the rest of the Northern Emirates.

The First Group, a UK firm behind a series of projects in the Emirates is planning to raise a $100 million (€63 million) fund through subsidiary First Wealth Management.

The Emirates Opportunity Fund will be a Sharia compliant closed ended fund targeting Dubai and the rest of the Northern Emirates, said the firm, with a minimum investment of $25,000. It will be listed on the Channel Islands stock exchange and domiciled in Guernsey.

First Group is a private company behind seven projects in the Emirates according to its website, which are mainly high-end apartments with mixed commercial use in some instances.

It was founded three years ago by Danny Lubert and Gary Shepherd and has links to some famous sportsman including Newcastle United and England footballer Michael Owen, who endorses its projects as a global ambassador. Owen owns properties in Dubai and the UK as private investments.