Dubai International Capital (DIC), the private equity investment arm of Dubai Holding, is to launch a division based in Saudi Arabia to focus on investments in the Kingdom, it was announced on Monday.
Sameer Al Ansari, executive chairman and CEO of DIC, told a press conference in Dubai that the firm would be using the same business model as JD Capital, a US$300 million vehicle it established in 2005 to invest in Jordan.
“We will announce shortly we are replicating that in Saudi Arabia,” said Al Ansari.
He added: “The opportunities in Saudi warrant a team on the ground, rather than based in an office in Dubai.”
Al Ansari said the investment company would probably start with capital of $500m and would bring in strategic investors from Saudi Arabia.
He also said that DIC, which currently has around $13 bn in assets under management, would be increasing the proportion of its investments made in the Middle East.
“The region is probably only 10-15% of that, but it will be a lot bigger going forward,” said Al Ansari.
He was speaking at a press conference to launch the Private Equity International Middle East Forum, due to be held in Dubai this week.
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