By Joanne Bladd
Fund plans to invest in regional business services companies in shipping and oil.
Chinese financial group First Eastern is in advanced preparations to launch a $250m Dubai-focused investment fund, it has been reported.
The Hong Kong-based firm will supply anchor capital of $50m and is in talks with Abu Dhabi-based investors to supply a further $50m, and plans to tap Chinese and global interest in the fund, the Financial Times reports.
First Eastern chairman Victor Chu told the paper the fund plans to invest in regional business services companies in areas such as shipping and oil. It will also seek to invest in Gulf hotels, which will be refashioned to cater for a growing number of Chinese visitors, he said.
"We want to support sustainable businesses connected to Dubai as a trading, logistical and financial centre," Mr Chu said. "We would use our contacts to also help them expand in China and across Asia."