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Sun 12 Jun 2011 09:53 AM

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OIFC to back out from $5m Rasmala fund investment

Rasmala’s private equity fund is targeting $350m to invest in Gulf, Egypt

OIFC to back out from $5m Rasmala fund investment
Qatari investor stock exchange

Oman Investment & Finance Co (OIFC) on Sunday said it
decided to withdraw from investing in Dubai investment bank Rasmala's private
equity fund after issues emerged related to the establishment of the fund.

OIFC said it had disclosed on February that it may invest up
to $5m in Rasmala MENA (Middle East North Africa) Private Equity Fund 2. In a
statement to the Muscat bourse, OIFC said it has no commitments or liabilities
to the fund.

OIFC did not provide any additional details. Rasmala was not
immediately available for comment.

Rasmala MENA Private Equity Fund 2 is a sharia-compliant fund
targeting $350m in size and aims to invest in mid-cap growth equity and buyout
investments primarily in the Gulf and Egypt.

The fund reached it first closing in 2009 and had investor commitments
of $120m.

Rasmala decided to shut its retail brokerage operations in
the United Arab Emirates last month as part of a restructuring programme begun
in November last year, an internal document seen by Reuters showed.

It named Michael Kidd, head of its private equity as the
chief operating officer.

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