Gulf Capital to invest 1 bn dirhams a year

March 23rd, 2008 - 7:28 pm ICT by admin  

(Gulf Business Capsule)

Dubai, March 23 (IANS) The Abu Dhabi-based Gulf Capital, one of the leading regional private equity firms, has announced investments of more than 1 billion dirhams on at least five transactions a year. “The annual number of deals we will strike remain the same (five) with an annual investment of Dh1 billion, but their sizes may vary,” Emirates Business 24-7 quoted Gulf Capital chief executive Karim El Solh as saying.

He said this after signing a strategic and long-term partnership with Credit Suisse to help expand its portfolio companies through listing on international markets and acquisitions.

The agreement was signed by Waleed Zahid, Gulf Capital vice-president, and Charles Pieper, Credit Suisse vice-chairman for alternative investments.

Karim El Solh said the company would invest in global IPOs and mergers and acquisitions, targeting from six to eight areas such as pipeline projects, oil and gas, logistics and transportation, and education and health.


16 bn dirhams for infrastructure in northern emirates

In a move to stimulate economic growth and prosperity, President of the United Arab Emirates (UAE) Sheikh Khalifa bin Zayed Al Nahyan has ordered allocation of 16 billion dirhams for infrastructure projects in the northern emirates of the country.

The allocation would be used to fund the construction of road networks, new housing communities, drainage networks and other projects, which are deemed as necessary for sustainable economic growth, Minister for Public Works Sheikh Hamdan bin Mubarak Al Nahyan said in a statement.

“We undertook a comprehensive study and we have now come up with integrated solutions to existing problems in these areas,” said Sheikh Hamdan.

The northern emirates comprise Sharjah, Umm Al Qawain, Ajman, Fujairah and Ras Al Khaimah.


Saudi Arabia to create mini sovereign wealth fund

King Abdullah bin Abdul Aziz of Saudi Arabia is likely to approve a mini sovereign fund that will manage the country’s internal wealth before it is expanded into a full-fledged body overseeing its assets abroad.

“The establishment of this new company has reached an advanced phase and is now being discussed at the Supreme Economic Council,” Hamad Al Sayyari, governor of the Saudi Arabian Monetary Agency (SAMA), was quoted as saying in the Arabic daily Aleqtisadiah.

According to Saudi officials, a draft plan to create a sovereign wealth fund (SWF), which was prompted by massive surplus petrodollars, has been presented to the Supreme Economic Council, headed by the Saudi monarch.

Al Sayyari described the plan as an investment company but said it can be classified as an SWF that will first manage Saudi Arabia’s domestic assets.

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