June 16, 2022 (MLN):Pakistan’s TPL Corporation Limited has hired Racha Alkhawaja to oversee their expansion into the United Arab Emirates, as more hedge funds look to attract Middle East money, Bloomberg reported today.
In this regard, the banker has been appointed chief executive officer of TPL Investment Management — a fund manager specializing in environmental, social and governance-focused and sustainable development goals-linked funds in emerging and frontier markets. It’s registered in the financial center known as the Abu Dhabi Global Market.
TPL’s first fund is a development impact one which develops sustainable and green buildings in Pakistan. The fund raised $100 million in its first round of investment.
“The fund is the first and only development impact fund in Pakistan,” Alkhawaja said in written responses to questions from Bloomberg. It enables “international investors to tap into the Pakistani real estate market via a vehicle that has all the components of international market practice in terms of governance and oversight,” she said.
“TPL chose to expand to the UAE, as it has excelled as a financial center, servicing both east and west,” Alkhawaja said.
