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Tue 12 Oct 2010 03:35 PM

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Kuwait's NBK Capital chasing 5 private equity deals

Investment arm of NBK finalising deal in Qatar, launching brokerage in Egypt

Kuwait's NBK Capital chasing 5 private equity deals
NBK Capital is the investment arm of the major OPEC producers biggest lender National Bank of Kuwait (NBK).

Kuwait's NBK Capital, the

investment arm of the major OPEC producer's biggest lender

National Bank of Kuwait (NBK), is in talks to buy

stakes in five firms for a private equity fund, its head said.

"Right in the pipeline we have five firms," said Chief

Executive Sala al-Fulaij, adding that one of deals was about to

be finalised in Qatar, while another firm was coming from top

oil exporter Saudi Arabia.

The rest came from Turkey or other Gulf Arab states such as

the United Arab Emirates, he added, declining to be more

specific.

NBK Capital is focussing on "non-cyclical, defensive"

sectors such as education, health or food for its private equity

business, he told Reuters on Monday.

NBK Capital is already invested in two Saudi firms.

"We focus on quality, not quantity. The number (of deals) is

not important. We only do this if we can add some value," he

said, adding that NBK Capital would only chase medium-sized

deals.

Apart from private equity deals, the bank sees also interest

from unnamed Saudi investors planning to use Kuwait as gateway

to Iraq.

NBK Capital, which has about 170 staff, was also launching a

brokerage service in Egypt where parent firm NBK bought

Al-Watany Bank in 2007.

"Egypt is a very interesting market, it has much potential,"

Fulaij said.

(Reuters)

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Lisa Miller 9 years ago

What comes to you mind when you see a bank is looking for more funds?If i was looking for a job and i think that my skills can fit anyway in that bank, its time to consider understanding the bank employment policy.For example if they consider unsolicited applications,why not send one.What i am saying is that is a good move that will create more employments and all unemployed,cheer up.