MENA

Private equity and venture capital news from the Middle East and North Africa

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• Abraaj Capital to buy Riyada Ventures, focus on SME investments 24 Nov 2009. Source: AltAssets. Dubai-based private equity firm Abraaj Capital has agreed to acquire all of Riyada Ventures as it moves into the venture capital space.

• Abraaj Capital rights issue raises $375m 23 Nov 2009. Source: AltAssets. Dubai private equity firm Abraaj Capital has raised $375m in a rights issue, which the firm says will put it in a position to capitalise on strategic buy-out opportunities. The fundraising, which was fully subscribed by existing shareholders, increases Abraaj’s paid-in capital to $1.5bn.

• Global Capital’s Sheilesh Dash launches new Dubai alternative investment firm 19 Nov 2009. Source: AltAssets. The private equity head of Kuwaiti firm Global Investment House, Shailesh Dash, has launched a MENA-focused alternative investment firm, Al Masah Capital. The Dubai-headquartered firm has announced that it will launch a social infrastructure fund, reportedly targeting $700m, in April 2010.

• Investcorp buys up 20 per cent of gas company Gulf Cryo 16 Nov 2009. Source: AltAssets. Investcorp, a Bahrain-based alternative investment firm, has acquired a 20 per cent stake in Gulf Cryo, manufacturer of industrial, medical and specialty gases in the Middle East. The deal size has not been disclosed.

• Invest AD targets $400m for new MENA fund 21 Oct 2009. Source: AltAssets. Abu Dhabi state investment company Invest AD is aiming to raise $400m for its next MENA-focused fund.

• ADIH launches $300m Hospitality Development Fund for MENASA region 21 Oct 2009. Source: AltAssets. Abu Dhabi Investment House (ADIH) has launched its $300m Sharia-compliant Hospitality Development Fund (HDF), which will focus on investments in the GCC, Middle East, North Africa and Asia.  ADIH predicts a minimum IRR of 20 per cent for the fund.

• Malaysian sovereign wealth fund forms $2.5bn joint venture with Saudi investment firm 14 Oct 2009. Source: AltAssets. Malaysian sovereign wealth fund 1Malaysia Development Berhad has teamed up with Saudi investment company PetroSaudi International to set up a $2.5bn joint-venture company Saudi investment company. The joint venture aims to increase the flow of foreign direct investments from the Middle East and to invest in projects within the country. The venture is the first undertaken by PSI in the region.

• Kuwait’s Global Buyout Fund generates three per cent return 30 Jul 2009. Source: AltAssets. Global Capital Management, the alternative investment fund arm of Kuwaiti investment company Global Investment House, has produced a three per cent distribution from its Global Buyout Fund. The capital is primarily derived from dividends and interest from portfolio companies, and permitted temporary investments.

• Oaktree Capital teams up with Dubai International Capital to keep hold of Almatis 03 Jul 2009. Source: AltAssets. US distressed debt specialist Oaktree Capital has stepped in to try and help Dubai International Capital secure control of its German aluminium producer, Almatis, through a debt restructuring, the Financial Times reports.

• Delta Partners' MENA fund invests in Dubai telecom company 29 Jun 2009. Source: AltAssets. Dubai-based Delta Partners has invested an undisclosed sum in technology and telecom company Vox Spectrum through its Middle East and North Africa-focused private equity fund.

• HBG Holdings appoints head of new London office 25 Jun 2009. Source: AltAssets. HBG Holdings, a private equity investor and fund manager focusing on the Middle East, has appointed an executive director responsible for establishing the firm’s new London office.

• MENA-focused Rasmala Investments shakes up management team and opens new office 24 Jun 2009. Source: AltAssets. The board of Dubai-based Rasmala Investments has made three senior appointments and opened a new Abu Dhabi office to strengthen the firm's presence in the MENA region.

• Abu Dhabi's Waha Capital to buy 50 per cent of aviation company 23 Jun 2009. Source: AltAssets. Abu Dhabi-based investment holding company Waha Capital has agreed to acquire a 50 per cent stake in AerVenture, becoming a joint venture partner with the current owner, Dutch aviation company AerCap.

• Gulf-focused private equity firm HBG Holdings to expand operations 23 Jun 2009. Source: AltAssets. HBG Holdings, a private equity firm based in the Gulf, is looking to add staff and expand its operations to take advantage of investment opportunities in the region.

• Investcorp eyes up MENA luxury goods 10 Jun 2009. Source: AltAssets. Investcorp, a Bahrain-based alternative investment firm, is setting its sights on Middle Eastern luxury goods companies as part of its plan to invest $650m in the MENA region over the coming two years, according to Reuters.

• Abu Dhabi Investment Company rebrands as Invest AD 09 Jun 2009. Source: AltAssets. Abu Dhabi Investment Company has rebranded as Invest AD in a drive to attract institutional investors to opportunities in the Middle East and North Africa region. The firm has also launched four new equity funds that it hopes will receive commitments from foreign investors.

• Cooperation deal to increase private equity and infrastructure investment flows between South Korea and MENA region 05 Jun 2009. Source: AltAssets. Abu Dhabi Investment Company, Korea Development Bank (KDB) and the Korea Trade Promotion Agency (KOTRA) have signed a cooperation deal to help increase investment flows between South Korea and the Middle East and North Africa region.

• KKR strengthens Middle East operations with addition of Ambassador Ford M Fraker as senior adviser 18 May 2009. Source: AltAssets. Kohlberg Kravis Roberts & Co, the global alternative assets manager, continues its growth strategy in the Middle East with the appointment of Ambassador Ford M Fraker as senior adviser.

• IFC commits $25m to Citadel Capital’s MENA Joint Investment Fund 14 May 2009. Source: AltAssets. The International Finance Corporation, the investment division of the World Bank Group, is investing $25m in private equity firm Citadel Capital’s $500m MENA Joint Investment Fund.

• KKR sets up MENA subsidiary in Dubai 12 May 2009. Source: AltAssets. Kohlberg Kravis Roberts & Co, the global alternative asset manager, has been granted a licence from the Dubai Financial Services Authority (DFSA) to do business in the country.

• Carlyle brings former Kuwait Petroleum CEO into MENA operations 11 May 2009. Source: AltAssets. The Carlyle Group has hired Nader H Sultan as a senior advisor to the firm’s Middle East and North Africa team.

• ADIC and UBS Global Asset Management hold first close of joint fund on $250m 05 May 2009. Abu Dhabi Investment Company (ADIC), the Middle Eastern investment firm, and UBS Global Asset Management have held the first close of a jointly managed fund that will tap major infrastructure development in the MENA region. With a target of $600m, the joint venture has raised $250m so far.

• Beltone Private Equity launches $200m MENA-focused fund 30 Apr 2009. Beltone Private Equity, the private equity division of Middle Eastern investment bank Beltone Financial Holding, has launched a $200m fund to invest in businesses in Egypt and the Gulf States.