Middle East

Private equity and venture capital news from the Middle East

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• 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.

• 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.

• 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.

• 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.

• EFG-Hermes opens debut Syrian office and private equity fund 04 Mar 2010. Source: AltAssets. Listed Arab investment bank EFG-Hermes is to expand into Syria with the simultaneous launch of a private equity fund that will target investments in the Middle Eastern country.

• Gulf Capital raises largest Middle Eastern PE fund of the year 22 Feb 2010. Source: AltAssets. Middle Eastern firm Gulf Capital has raised the largest private equity fund for the region in 2009, closing GC Equity Partners II on AED2bn ($544.7m).

• DIC sold stake in Merlin Entertainments last year 15 Feb 2010. Source: AltAssets. Dubai International Capital, the investment arm of Dubai Holding, has sold two-thirds of its 17 per cent Merlin Entertainments stake to the family behind Lego, already a fellow investor in the theme park operator, according to the Financial Times.

• Private equity groups move in on Dubai World asset sale 03 Feb 2010. Source: AltAssets. A number of private equity firms are preparing bids for a port and shipping agent being put up for sale by Dubai  World’s private equity division, according to reports. Advent International, Cinven, Charterhouse, Montagu, TPG and KKR are among the firms reported to be preparing bids for Inchcape Shipping Services, which has been put up for sale by Istithmar World. The company is expected to fetch $600m to $700m.

• Abraaj Capital reaches first close on Palestine fund 28 Jan 2010. Source: AltAssets. Dubai private equity firm Abraaj Capital has reached the first close of a $50m fund targeting Palestinian investments in small and medium enterprises. So far, Abraaj has raised $15m towards the fund, which it is raising in partnership with the Palestine Investment Fund, a publicly owned investment vehicle which aims to strengthen the Palestinian economy.

• Dubai International Capital chairman Al Ansari steps down 28 Jan 2010. Source: AltAssets. Sameer Al Ansari, the CEO of Dubai financial services institution Shuaa Capital, has stepped down as executive chairman of Dubai International Capital (DIC), according to reports.  In the latest shake-up to the management structure of Dubai Holding, of which DIC is a unit, Al Ansari will instead become a non-executive chairman of the firm’s board.

• China’s First Eastern to launch $250m Dubai fund 25 Jan 2010. Source: AltAssets. China venture capital and private equity investor First Eastern Investment Group is preparing to launch a Dubai-focused investment fund, according to the Financial Times.

• 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.