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DIC, HSBC, Oasis hold $300m first closing on MENA Infrastructure Fund14/11/2007. Source: AltAssets. 
 DIC Asset Management, a wholly-owned subsidiary of Dubai International Capital, the international investment arm of Dubai Holding, HSBC Bank Middle East and Oasis International Leasing have announced a first closing of the MENA Infrastructure Fund with commitments totalling $300m. The fund has a $500m target.
Commitments came from the three sponsors and from other investors including institutions based in the MENA region and Europe.
Robert Swift, CEO of the MENA Infrastructure Fund, said, 'We are pleased to have completed the first round of fundraising for the MENA Infrastructure Fund. The positive response by investors is indicative of their confidence in the region and in the fund's ability to deliver attractive returns from an asset class with low volatility. With the phenomenal economic growth we are witnessing in the region, the infrastructure and energy sectors provide a range of investment opportunities and this fund was distinctively designed to allow investors to gain exposure to these vital and growing sectors. The investment team at the fund has a number of investment initiatives already underway.'
The MENA Infrastructure Fund targets investments across the infrastructure asset class, including utilities, energy, transportation, social infrastructure and public private partnerships. The fund intends to make investments in projects and companies in their early stages of development, and will also provide capital to companies which are in their operational or growth phases.
DIC recently agreed to acquire Almatis, a Frankfurt-headquartered producer of specialty alumina, from Rhône Capital and Teachers' Private Capital, the private investment arm of the Ontario Teachers' Pension Plan. Terms of the transaction were not disclosed. DIC also bought Warwickshire, UK-based diagnostic imaging services provider Alliance Medical from European private equity firm Bridgepoint for £600m.
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