Egypt-based Nile Capital is teaming up with a member of Qatar's royal family to establish a fund of up to US$300m that will invest in education across the Middle East and North Africa, a senior Nile Capital executive said on Monday.
Nile Capital Qatar, a partnership between the Egyptian investment firm and Sheikh Jabr bin Hamad al-Thani, the eldest son of the prime minister of Qatar, expects to raise close to US$150m for the fund's first closing by the end of the first quarter next year, said managing director Basel Roshdy.
"The fund will have a target size between US$250m and US$300m and will invest in 10-12 education deals within three years," he said in an interview.
Nile Capital Qatar will seek investment from financial institutions and wealthy individuals, Roshdy said, adding that it would focus on projects in Gulf Cooperation Council (GCC) countries, Egypt and the Levant.
GCC governments have been boosting spending on education as they seek to diversify their economies away from oil and reduce unemployment among their citizens. North African governments are also keen to cut unemployment in their young and rapidly growing populations.