1. Whether an arrangement, particularly if it is a closed-ended company which invests in Real Property, is a Fund or a commercial company is not always an easy question to answer. The following guidance is intended to help answer this question. The examples are indicative only and not exhaustive. If a property company is in doubt as to whether it is an investment company or a commercial company, it may seek further clarification from the DFSA.
2. Please also refer to the Guidance under CIR Rule 2.1.10 for the general distinction between Collective Investment Funds and other commercial arrangements.