Dubai International Capital (DIC) is planning to raise a $500 million (€329 million) private equity fund dedicated to investing in Saudi Arabia to tap growth in the Gulf's largest economy, Sameer Al Ansari, the firm's chief executive revealed at the launch of PEI Media's fourth Middle East Forum.
Speaking at a press conference in Dubai, Al Ansari said Saudi Dubai Capital would replicate the structure used in Jordan with Jordan Dubai Capital (JD Capital), set up in 2005 with a value of around $300 million.
DIC will be the majority investor. The firm will target third party investors, he said. “We like to bring in strategic investors from within the country who will help with deal flow and pull the right strings when they need to be pulled,” Al Ansari said.
“We need the right people onboard and are in the process of putting the team together. This business is about people.”
Saudi Dubai Capital will have offices in Jeddah, Riyadh and the Eastern Region, Al Ansari said.
He said full details of the fund would be unveiled in a couple of weeks.
Dubai International Capital is an investment firm owned by the ruler of Dubai Sheikh Mohamed bin Rashid Al Maktoum.
Private Equity International is hosting its Middle East Forum tomorrow and on Wednesday.