THE first Guernsey-domiciled sharia-compliant fund investing in the United Arab Emirates is listing on the Channel Islands Stock Exchange next month.

British-owned but Dubai-based international property-development company the First Group will be promoting its Emirates Opportunities Fund, which will focus on the Northern Emirates and its undersupply of housing and the population boom.

Working with Louvre Fund Management, law firm Collas Day acted as legal adviser and sponsor to the fund for its listing. Partner Jason Romer (pictured) said it was an extremely exciting project.

‘There aren’t too many of these types of listing at the moment, so it will be interesting to see how the market continues to develop. We’re seeing an increase in the funds from emerging markets such as the UAE, Brazil and India. We worked hard with Kevin Gilligan, of Louvre, to bring this fund to Guernsey and we were able to do it because of the excellent reputation of the island’s regulatory environment and the CISX itself.’