A new Shariah-compliant investment company was launched on Saturday with the aim of raising an initial $200 million from predominantly Gulf-based investors.
Amara Holdings Inc will focus on pre-IPO, private equity and private placement opportunities predominantly in China, as well as the MENA region and India.
It has already made its first investment into China and prominent GCC investors have committed a significant amount of capital, company bosses said.
Amara is also planning to list on London’s Alternative Investment Market.
Dr Musab Jassim, executive chairman, Amara Holdings Inc said: “The current market environment presents us with significant opportunities as the price of assets in our target markets have reduced and we are now seeing valuations at very attractive multiples.
“Our strategy is to focus on sectors that are fundamental to the domestic economies and growth of China, MENA and India. This is to consistently provide investors with private equity returns, regardless of market cycles.
“Amara is unique as it offers investors packaged exposure to these growth regions and by virtue of its London listing, the highest levels of transparency and corporate governance.”
Amara’s initial investments are in China. The company has already signed a Memorandum of Understanding with Pan China Construction Group, to co-invest in Sino-foreign joint ventures.
The first of the joint ventures, China Infrastructure Corporation Limited (CIC), has already been formed. CIC, which is 51 percent owned by Amara, will develop a logistics park, called Ningxia International Logistic Centre, in Ningxia province of China.
Amara is run by Newhaven Investments House, a collaboration of two firms, Newhaven Merchant Bankers and Investments House with offices in North America, Europe, Middle East and Asia and its principals have a track record managing more than $4.5bn in transactions in the target markets.
Amara investors so far include Saudi-based companies Khalid Al-Mukairin Group and Al Sorayai Group, and Ahmed Alkhemeiri from the UAE.
Two further GCC investors, Mohammed Alkhalil (Saudi Arabia) Ahmad Al Omani (Kuwait) are also Amara Board members.
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