Middle East

Private equity and venture capital news from the Middle East

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• Istithmar World CEO resigns 21 Jan 2010. Source: AltAssets. The CEO of Istithmar world, the private investment arm of state developer Dubai World, has resigned. David Jackson, who became Istithmar World CEO in 2006, has been replaced by CIO Andy Watson, as the state-owned company struggles to renegotiate its $22bn of debt.

• Deutsche Bank, Masdar cleantech fund reaches $265m first close 18 Jan 2010. Source: AltAssets. A private equity fund co-managed by Deutsche Bank Climate Change Advisors (DBCCA) and Masdar Venture Capital has launched following a $265m first close. The DB Masdar Clean Tech Fund is to invest primarily in expansion and later stage companies in the clean energy, environmental resources and energy and material efficiency sectors.

• Egypt’s Citadel Capital sells two minority stakes for $55m 08 Dec 2009. Source: AltAssets. Egyptian private equity firm Citadel Capital has made $55m from the sale of a six per cent stake in ASEC Holding and a six per cent stake in United Foundries Company, according to an emailed statement obtained by Reuters.

• Dubai World says private equity division will be unaffected by restructuring 01 Dec 2009. Source: AltAssets. Middle Eastern state developer Dubai World has said that its restructuring measures will not affect private equity subsidiary Istithmar World. In a statement prompted by widespread speculation about how the government-owned company would address its $60bn debt load, Dubai World said that it plans to “immediately consider alternatives in respect of the debt obligations of certain entities within the group”, but that Istithmar would not be among them.

• Kuwaiti conglomerate sues Carlyle over debt fund collapse 01 Dec 2009. Source: AltAssets. US private equity giant Carlyle is being sued by a Kuwaiti conglomerate which lost $50m in the collapse of the firm’s Carlyle Capital Corp debt fund. According to the Financial Times, the National Industries Group has alleged that Carlyle misrepresented the safety of the fund, which collapsed in March 2008 despite investing primarily in government-backed and AAA-rated mortgage securities.

• Dubai World's $60bn debt woes raise questions for private equity portfolio 30 Nov 2009. Source: AltAssets. The parent company of Middle Eastern state private equity firm Istithmar has asked creditors for an extension on its debt obligations, raising questions about the future implications of the firm and its portfolio companies.

• 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.

• Kuwait China Investment Company receives approval to list 17 Nov 2009. Source: AltAssets. Kuwait China Investment Company, an investment firm specialising in investments in Asia, has received the final regulatory approval from the Kuwait Stock Exchange to list its shares on 24 November.

• CIMB Standard to raise fresh capital, open new offices 17 Nov 2009. Source: AltAssets. CIMB Standard, a private equity firm owned by Malaysia’s CIMB and South Africa's Standard Bank, plans to launch a $300m South East Asia infrastructure fund and grow its current Islamic infrastructure fund to its target of $500m by early 2011, according to Reuters.

• Kuwaiti Global Investment House names Rajiv Nakani as senior vice president of alternatives 28 Oct 2009. Source: AltAssets. Global Investment House, a Gulf-based investment banking and asset management firm, has appointed Rajiv Nakani as senior vice president of its alternative asset management business.

• Dubai’s Abraaj Capital lines up $2bn private equity fund 27 Oct 2009. Source: AltAssets. Abraaj Capital, the Middle East's biggest private equity firm, is setting up a new $2bn fund to take advantage of valuations in the current buyer’s market, according to Reuters.

• Middle Eastern private equity investment plummets 19 Oct 2009. Source: AltAssets. Middle Eastern families and sovereign wealth funds have cut investment levels and are demanding more favourable terms from private equity firms following the global economic downturn, according to the Financial Times.

• TNI, Kamco launch $150m Sharia-compliant fund 11 Sep 2009. Source: AltAssets. The National Investor's (TNI) private equity arm and Kipco Asset Management Company (Kamco) will set up a $150m Sharia-compliant Islamic fund, according to reports.

• BNP Paribas to launch private equity fund in Gulf Arab region 08 Sep 2009. Source: AltAssets. French bank BNP Paribas hopes to raise up to $300m for a private equity fund in the Gulf Arab region, according to reports.

• Dubai International Capital makes two senior management appointments 01 Sep 2009. Source: AltAssets. Investment firm Dubai International Capital has made two senior management appointments. Anand Krishnan has been made CEO of DIC from his existing role as COO at the company. David Smoot, current CEO of DIC Private Equity, has assumed responsibility of all DIC’s investment divisions, including emerging and public markets.

• SHUAA appoints new CEO 01 Sep 2009. Source: AltAssets. Sameer Al Ansari has become the new CEO of SHUAA Capital, a Dubai-based financial services institution, with effect from 1 September. Ansari replaces Iyad Duwaji, who resigned last month as CEO to set up “an independent private equity platform”.

• Investcorp reports first ever annual loss 20 Aug 2009. Source: AltAssets. Bahrain’s Investcorp, an asset management firm specialising in alternative investments, has recorded its first ever annual loss.

• SHUAA Capital CEO leaves to set up independent private equity firm 14 Aug 2009. Source: AltAssets. SHUAA Capital, a Dubai-based financial services institution, is to lose its CEO, Iyad Duwaji, who will leave to set up “an independent private equity platform”.

• National Bank of Abu Dhabi moves into private equity 06 Aug 2009. Source: AltAssets. The National Bank of Abu Dhabi has announced plans to enter the private equity sector, according to a Bloomberg report.

• Bahrain's Unicorn Global Private Equity Fund sells stake in energy company 24 Jul 2009. Source: AltAssets. Unicorn Investment Bank’s private equity division has sold a ten per cent stake in Regional Energy Services Holding (RESH) to Eastern Industrial & Oilfield Services (EIOS) Holding, a Bahraini firm specialising in the oil & gas services sector.

• Middle Eastern private equity firm HBG launches fund to target ailing AIM-listed companies 16 Jul 2009. Source: AltAssets. HBG Holdings, a private equity investor and fund management business operating in the Middle East region, has set up a new Shariah-compliant fund that will invest in companies listed on the Alternative Investment Market of the London Stock Exchange.

• Dubai-based private equity firm Abraaj Capital appoints Deutsche Bank veteran 06 Jul 2009. Source: AltAssets. Abraaj Capital, a Dubai-based private equity firm, has hired Deutsche Bank veteran Ashok Aram as a managing director.

• Abu Dhabi’s renewable energy initiative Masdar to launch $250m cleantech-focused fund 29 Jun 2009. Source: AltAssets. Masdar, Abu Dhabi’s renewable energy initiative, is to introduce its first cleantech investment fund, with a target of around $250m.