Khaleeji Commercial Bank (KHCB), one of Bahrain’s leading Islamic banks, has announced that it has raised $163.5 million for a real estate investment company focused on India. The fund - named Danat India Investment Company - will invest in an unnamed real estate development project near New Delhi, India’s capital. The development is targeted at the expanding middle class of India. India, currently one of the leading emerging markets is expected to be the world's third largest economy by 2050, ahead of Japan, the UK and Germany. The economy has posted an average annual growth rate of more than 7% in the decade since 1994, with 2007-2010 growth estimated to be maintained at over 8%. The demand for quality real estate in India is seeing unprecedented growth, adding to the existing gap between demand and supply across all segments of realty, providing tremendous opportunity for property development.