The government of Dubai and Deutsche Bank have together launched a 10-year $100 million private equity fund. The fund will facilitate investment in the information technology, media and telecom sectors in the Middle East, Europe and the United States, reported WAM.
To be managed out of Dubai, the fund’s capital is funded 50 percent by the government of Dubai and Deutsche Bank, each contributing $25 million with the remaining 50 percent coming from institutional and private investors. Approximately half of the fund’s investments will be injected in the Middle East.
According to Chief Financial Officer of the new Estithmaar Ventures Fund, Shahy Ahy, the facility’s managers are currently considering 16 projects including the future IPO of the Saudi Telecom Company (STC).
With assets of almost one trillion euros and over 97,000 employees, Deutsche Bank offers its clients financial services in over 70 countries. It ranks among the leaders in asset management, capital markets, corporate finance, custody, cash management and private banking. — (menareport.com)
© 2002 Mena Report (www.menareport.com)
