PRINT THIS PAGE DIC, First Eastern launch $1bn fund14/04/2008. Source: AltAssets. 
Dubai International Capital, the investment arm of Dubai Holding, and Chinese private equity firm First Eastern Investment Group have launched a new fund, China Dubai Capital, to target opportunities in China. The fund is expected to hold a first closing in May 2008 on at least $500m. Commitments are expected to come predominantly from Asia and the GCC region. The target is to reach a fund size of around $1bn in October.
China Dubai Capital will focus on those Chinese companies that have the potential to be listed in Dubai. It will invest in various sectors, including infrastructure, resources, healthcare and services.
Sameer Al Ansari, executive chairman and CEO of DIC, said, 'We are pleased to partner with First Eastern to establish China Dubai Capital. First Eastern is the first Chinese financial institution to be established in the DIFC [Dubai International Financial Centre] and has an unrivalled track record in direct investments in China. Through this fund, we will invest in feasible and profitable business opportunities in commercially-attractive sectors. The establishment of China Dubai Capital provides investors the opportunity to participate in a vehicle which will generate superior returns.'
Victor Chu, chairman of First Eastern, added, 'Chinese companies are very attracted by the opportunities arising from the opening up of the Gulf region. The UAE, particularly Dubai, is strategically positioned as the natural gateway for GCC access, as well as for capital raising through its established securities markets. Our new fund will be in a great position to generate exciting returns from the synergies between these two regions.'
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