Nov. 3--Abu Dhabi Investment House (ADIH) announced that the 'Vision³' Hospitality Development Fund (HDF) is finalizing a number of deals just weeks after its launch. The authorized billion dollar fund is targeted to raise US$ 300 million by first quarter of 2009. The current projects under consideration for HDF are all primarily based in the MENASA region and include a total of 6 projects within the Porta Moda and Entertainment City concepts, in addition to 3 other advanced stage opportunities.

Mr Rashad Y Janahi, Board Member and Managing Director -- ADIH said, "The first asset class of HDF will concentrate on developing new hospitality-centric vehicles including hotels, transport solutions and apartment complexes while the second will capitalize on existing hospitality companies who show tremendous potential for growth. These new agreements are an extension of the first asset class with renowned and landmark developments across the globe. The expertise of the Vision³ alliance will be fully used to further these goals."

Mr Mohammed Khalil Al Sayed, CEO -- Ithmar Development Company, commented, "The new agreements will take HDF to the implementation stage. The project teams managing the fund all have the relevant international experience to help achieve the objectives."

Gulf Finance House Deputy CEO Mr Mehran Jamsheer added, "We are very pleased to be making such quick progress just months after the announcement of the Fund. Given the potential within the MENASA hospitality sector we are confident of making tangible progress in the weeks and months ahead."

Porta Moda developments are fashion and style themed mixed-use developments encompassing retail, residential, educational, hospitality and leisure elements located in Abu Dhabi, Qatar, India, Morocco, and Tunisia. Each development will feature some of the major international brands such as Christian Dior, Ralf Lauren, Fendi, V&A, Neiman Marcus, Louis Vuitton, London Fashion Week, Rhode Island School of Design and many more renowned names who will add further value through their consultancy in style and design.

The Entertainment City is another innovative mixed-use development concept with a focus on entertainment. An Entertainment City Advisory Board has been created bringing together leaders from international entertainment companies and institutions who will advise and consult on the implementation of each development.