HSBC and Prince Alwaleed set up JV to invest in Africa

Published July 6th, 2005 - 06:52 GMT

HSBC Holdings plc (‘HSBC’) and Prince Alwaleed ibn Talal alsaud have established a 50:50 joint venture to respond to growing investment opportunities in sub-Saharan Africa. Each party will invest up to US$200 million in promising businesses in the region.

 

HSBC has entered into this agreement through its wholly-owned subsidiary, HSBC Investment Bank Holdings plc. Prince Alwaleed is acting through a company that forms part of his Kingdom Group.

 

The joint venture will invest in growth companies in a broad variety of sectors across Africa. Investments will be made through a limited liability partnership to be named HSBC Kingdom Africa Investments (Cayman) LP. The partnership and its investments will be managed by a joint venture company and each party will have an equal number of representatives on the Board of that company and its investment committee.

 

Stephen Green, Group Chief Executive of HSBC Holdings plc, said: “HSBC has a long and successful history of involvement in emerging markets around the world. We are particularly pleased to be a part of this venture which aims to engage in the development of infrastructure and economic activity in Africa. We are excited by the prospect of being able to invest in this region alongside someone of Prince Alwaleed’s experience, knowledge and stature, and we look forward to working together.”

 

Prince Alwaleed said: “Africa has enormous potential in multiple economic sectors and is a major priority for me. This joint venture with HSBC will act to build business and trade flows both regionally and globally by jointly using our skills, contacts, organisations and equity.”


 


© 2000 - 2022 Al Bawaba (www.albawaba.com)

You may also like