The new funds, Al-Mal Capital Partners Fund and sharia-compliant Al-Fares Private Equity Fund will invest in companies in the Middle East and North Africa under formation or those preparing to stage an initial public offering.

Al-Mal Capital will source deals for the funds, which it will manage and also co-invest alongside.

Al-Mal already manages a AED200m ($54m) real estate fund launched in May 2006 as well as public equity and direct investment funds.