Investcorp co-CEO says investment will focus on healthcare, education, social housing, infrastructure, roads, utilities
Bahrain-based Investcorp plans to invest at least 50 percent of its $1 billion GCC Infrastructure fund in Saudi Arabia, according to co-chief executive Hazem Ben-Gacem.
“It will focus on healthcare, education, social housing, infrastructure, roads, utilities,” he was quoted as saying by Reuters.
He added that the rest of the fund will be spent in other parts of the GCC or wider MENA region.
Among the potential projects are ports in Oman, utilities in the UAE and road infrastructure in Bahrain, Ben-Gacem said at the Future Investment Initiative forum in Riyadh.
Investcorp is one of the most prominent private equity investors in the kingdom, where it has invested $700 million in the last decade, including in Leejam Sports Co car rental copany Theeb, Saudi Fitness Centre and gold jewellery maker L’azurde.
“We have been able to find attractive investments, manage them and exit them,” he said, adding that a second, $400 million PE-MENA fund will be launched soon. The fund invests in private firms in the MENA region.
Arabian Business has reached out to Investcorp for more details on its future plans in Saudi Arabia and the wider region.
In a separate announcement, Investcorp announced that it invested $11.3 million in Intergrow Brands Private Ltd., a subsidiary of Synthite Group, the world’s largest producer of value-added spices with operations in India, the US and China.
Launched in 2014, Intergrow has an array of products ranging from packaged spices, marinades, sauces and seasonings to premium gourmet food and tea.For all the latest banking and finance news from the UAE and Gulf countries, follow us on Twitter and Linkedin, like us on Facebook and subscribe to our YouTube page, which is updated daily.