Concentrated by sector. Deliberate by design.
Our portfolio is built on the sectors where our regional access and operational capability give us a durable edge — real estate, construction, and private business.
Target portfolio composition.
Indicative target allocation across active mandates. Actual weights vary by vehicle and investor appetite.
Income-generating residential, commercial, and mixed-use assets. Primary focus on freehold districts with clear demand drivers and sponsor-level alignment.
Build-to-sell villa and fit-out projects, delivered in partnership with Desert Build LLC. Vertical integration lets us underwrite cost and timeline with confidence.
Minority stakes in operating businesses with defensible cash flow, sensible valuations, and owner-operators we respect. Selective, not opportunistic.
UAE first. MENA as opportunity demands.
Dubai is our home market and the core of our pipeline. We extend selectively into Abu Dhabi, the Northern Emirates, and wider MENA where a specific opportunity, counterparty, or thesis justifies the diligence investment. We do not pursue exposure for diversification's sake. If we can't underwrite a jurisdiction to the same standard as the UAE, we don't put investor capital there.
| Region | Mandate |
|---|---|
| United Arab Emirates | Core — Primary mandate, Dubai core |
| Wider MENA (Saudi, Bahrain, Oman) | Selective |
| Outside MENA | Exception — Case-by-case co-investment |
How we think about an opportunity.
We apply the same underwriting lens whether the cheque is 1 million dirhams or 100.
Quality over quantity
We pass on more opportunities than we pursue. Every investment has to beat a high bar on sponsor quality, asset fundamentals, and alignment.
Asymmetric risk-reward
We model downside scenarios first. If we can live with the worst case, the base and upside cases take care of themselves.
Long-horizon thinking
We are not flippers. Our target hold periods are measured in years, and our returns are measured after tax, fees, and time value.
Returns measured the way investors measure them.
We report net-to-investor returns after all fees, expenses, and carry. We benchmark against market alternatives an investor could actually access. And we distinguish realised from unrealised returns in every statement. No dressing up paper marks as performance.