Mid-East fund to invest €780m

AN Indian-backed Middle Eastern investment fund is aiming to pump around £650 million (€780m) into a number of Irish property companies, in return for majority equity stakes, before the end of the year.

Western Gulf Advisory is an investment firm owned by Indian entrepreneur Ashan Ali Syed, based in Bahrain and Switzerland.

It has just announced a £300m strategic partnership with Dublin-based construction company J&M McCabe Properties – the holding company of the McCabe construction group. The deal sees Western Gulf Advisory injecting £300m into McCabe as working capital, in return for the option of taking a 50% equity stake in the business.