Ento Capital, a regulated entity by the Dubai Financial Services Authority (DFSA), has launched a AED702 million ($191 million) Sharia-compliant income generating property fund.

The Ento Wonderland Fund (CEIC) has a tenure of 15 years with the ability to extend for additional years and will be responsible for the development and operation of the Wonderland project in the Umm Hurair area, overlooking the Dubai Creek.

The Wonderland Project is set to be developed by Ento Wonderland Property Fund in three phases, and will include hospitality, entertainment and retail components plus a marina and amphitheatre.

The fund’s investment objective is to develop the project entirely and generate consistent annual revenues to investors.

Haitham Al Masri, CEO of Ento Capital, said: “The establishment of the fund was in line with the development plan that aims to establish the Wonderland Project.

“The project was structured to be a preferred location for owners and lessees, and to meet their needs and expectations,” he added. “The Wonderland masterplan and the detailed designs have been approved. The demolition of the existing buildings had been completed and the space was prepared for the construction phase.”

Abdullah Al Fouzan, chairman of Ento Capital added that a real estate fund will soon be launched to develop a distinctive area in the city of Jeddah, Saudi Arabia.