New MENA fund opens for subscription
Dedicated to investments in transportation, utilities, energy, and public-private partnerships in the Middle East, the new $500 million MENA Infrastructure Fund recently opened for subscription.
The fund includes three joint venture partners including Dubai International Capital (DIC), the international investment arm of Dubai Holding, HSBC Bank Middle East Limited (HSBC) and Oasis Leasing, according to Khaleej Times. Each party pooled $50 million each into the fund, while the remainder of the capital will be raised by subscription from individual and institutional investors by this coming November.
"Projects worth $300 billion have been announced in the Middle East and the destinations offering tremendous opportunities are led by Abu Dhabi and Saudi Arabia, where a number of projects on BOOT basis and Public private partnership are in progress," said Samir Al Ansari CEO of Dubai International Capital.
"According to our mandate if we invest 70 per cent of the fund's proceeds, we can launch the second fund," said the CEO. Oasis International Leasing is committed to expanding its operations in the development of infrastructure projects across the region, said Hussain Al Nowais, Chairman of Oasis.
"The MENA Infrastructure Fund represents an excellent opportunity to participate in the diversification and growth of projects that will define the future progress of the economies throughout the region. We are pleased to be associated in this venture with partners DIC and HSBC, who represent the top echelon of financial expertise and business acumen," he added.