Middle East and Israel

Private equity and venture capital news from the Middle East and Israel

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• Dubai World Inchcape sale halted over investigation 18 Jun 2010. Source: AltAssets. Embattled Emirati state investor Dubai World’s sale of key asset Inchcape Shipping Services (ISS) has run adrift as the result of an alleged US Department of Justice (DoJ) investigation into the company, according to the Financial Times.

• Arabic payment processing unit Network International up for auction 17 Jun 2010. Source: AltAssets. A number of private equity groups have submitted bids for a stake in the payment processing business of Emirates NBD, one of the largest banks in the Gulf, according to the Financial Times.

• Ithmar kicks off AED1bn healthcare buy-and-build plan 15 Jun 2010. Source: AltAssets. Ithmar Capital, a private equity firm investing in the Gulf, has taken the first step in rolling out an AED1bn ($272.3m) healthcare buy-and-build plan in the region.

• Dubai Holding PE subsidiary dissolved board six months ago 14 Jun 2010. Source: AltAssets. The investment arm of Emirati sovereign wealth fund Dubai Holdings has revealed that its board of directors was dissolved six months ago, according to Reuters.

• Investcorp sues Sophos over Apax deal 08 Jun 2010. Source: AltAssets. Bahraini investment firm Investcorp is suing anti-virus software developer Sophos over Apax Partners’ $580m acquisition of the company, according to reports.

• Partners Group looks to the Middle East with new Dubai office 27 May 2010. Source: AltAssets. Swiss alternative asset manager Partners Group is to scale up its exposure to opportunities in India and the MENA region with the opening of a new office in Dubai.

• Qatar sovereign fund eyes US Treasury’s Citigroup stake 27 May 2010. Source: AltAssets. Emirati sovereign wealth fund the Qatar Investment Authority is considering picking up part of the US Treasury’s stake in Citigroup, according to reports.

• HarbourVest in Saudi secondaries deal 13 May 2010. Source: AltAssets. HarbourVest Partners, the private equity secondaries specialist, has bought fund interests from struggling Saudi conglomerate Saad Group, according to Dow Jones.

• Firth defects to Bank of America Merrill Lynch 07 May 2010. Source: AltAssets. Bank of America Merrill Lynch has lured Rob Firth from Deutsche Bank, making him the head of its financial sponsors group for Europe, Middle East and Africa.

• IMF bail-out tax to hit private equity firms across the globe 23 Apr 2010. Source: AltAssets. Private equity firms could face a potentially huge drain on their profits as a result of proposals by the International Monetary Fund to help offset the cost of the bail-out and stock up reserves for any future shocks, according to reports.

• Israeli high-tech venture experiences worst quarter in five years 21 Apr 2010. Source: AltAssets. Venture capital funding in Israel’s high-tech sector slumped to its lowest level in five years in the first quarter of 2010. Companies raised $234m from domestic and international venture investors during the quarter, a 15 per cent drop on the final three months of 2009.

• Abu Dhabi sovereign fund names new managing director 16 Apr 2010. Source: AltAssets. A new managing director has been chosen for Emirati sovereign wealth fund the Abu Dhabi Investment Authority, according to reports. Sheikh Hamid bin Zayed al-Nahyan is to replace his brother, Sheikh Ahmed, who died when his glider hit a reservoir in Morocco last month.

• Qatar’s QInvest Capital buys up 40 per cent of hospitality business 15 Apr 2010. Source: AltAssets. QInvest, a Qatari investment bank, has acquired a 40.8 per cent stake in Intercat Hospitality and Butlers Dry Cleaning and Laundry Services via its private equity arm, QInvest Capital.

• Siraj Capital mulls $100m PE fund 12 Apr 2010. Source: AltAssets. Saudi investment firm Siraj Capital is in preliminary discussions over setting up a $100m private equity fund to invest in small- and medium-sized companies in the Middle Eastern country, according to Gulf News.

• Carlyle bags Dubai sovereign buy-out head 06 Apr 2010. Source: AltAssets. US private equity firm Carlyle has poached the buy-out head of Dubai’s international investment division, appointing him as a managing director for its European team.

• Carlyle expects two more MENA deals this year 01 Apr 2010. Source: AltAssets. Following its debut investment in Saudi earlier this week, buy-out major Carlyle expects to close two more MENA deals this year, according to regional chief Walid Musallam.

• Body of ADIA manager found in Morocco 31 Mar 2010. Source: AltAssets. The body of Sheikh Ahmed bin Zayed al-Nahyan, managing director of the world’s largest sovereign wealth fund, has been found in Morocco. Nahyan, 38, had gone missing last Friday when his glider plane crashed into a reservoir near Rabat but was found by divers yesterday.

• SBI Holdings, Brunei in private equity joint venture 30 Mar 2010. Source: AltAssets. Japanese financial services provider SBI Holdings will form an alliance with Brunei’s Ministry of Finance to establish a fund management company expected to handle private equity funds, including Sharia-compliant vehicles.

• Carlyle makes debut Saudi investment 29 Mar 2010. Source: AltAssets. The Carlyle Group, the second biggest private equity firm in the industry, has made its debut investment in Saudi Arabia with the acquisition of 30 per cent of the oil rich nation’s largest lighting fixtures manufacturer and supplier, General Lighting Company.

• Abu Dhabi sovereign wealth fund MD missing after glider crash 29 Mar 2010. Source: AltAssets. The managing director of the world’s largest sovereign wealth fund, Sheikh Ahmed bin Zayed al-Nahyan, has gone missing after a glider accident. The glider plane crashed into a reservoir near Rabat, Morocco, according to state news group Emirates News Agency.

• Israeli venture firm launches six new yuan funds 09 Mar 2010. Source: AltAssets. Israeli venture capital firm Infinity has launched six new yuan-denominated funds through its China-Israel Infinity-I China unit in the latest example of the country's allure.

• Emerging markets private equity slows in line with global slump 09 Mar 2010. Source: AltAssets. Fundraising for emerging markets-dedicated private equity funds slowed in 2009, though investment activity was comparatively strong. Emerging markets captured nine per cent of global private equity fundraising and 26 per cent of global private equity investment, with deal activity by transaction volume down by only 11 per cent, according to new research from the Emerging Markets Private Equity Association.

• Israeli venture capital fundraising down 72 per cent in 2009 08 Mar 2010. Source: AltAssets. The downturn hit Israel’s venture capital market hard in 2009, with domestic funds only managing to muster $229m, a sharp drop of 72 per cent from the $803m raised in 2008.