Banks first fund to reach final close in 2015
The Saudi Arabia-based Islamic Development Bank (ISD) has launched its second infrastructure fund, aiming to support up to $24bn in aggregate financing to infrastructure projects in its member states.
The fund will be one of the largest private equity funds funding projects in the Islamic World.
The $2bn fund will be triple the size of the banks first $730m infrastructure fund, which is expected to reach final close in early 2015.
Bahrain-headquartered Asma Capital Partners will manage the fund. It is supported by Saudi Arabias Public Pension Agency and its Public Investment Fund, as well as Bahrain and the Bruneis ministries of finance.
ISDs first fund had an internal rate of return of 18 per cent, and invested in a range of companies and projects, including AirAsia in Malaysia and Saudi International Petrochemical Company.
The second fund will also look at investment opportunities in power, energy, transportation, telecommunications, mining and industrial sectors.
Download the MEED app today from the Apple store and the Google Play store
You might also like...
McDermott completes financial restructuring exercise
28 March 2024
Region heads for hotel boom
28 March 2024
Lowest bidders emerge for Kuwait housing project
28 March 2024
Redcon wins Red Sea Triple Bay infrastructure deal
28 March 2024
A MEED Subscription...
Subscribe or upgrade your current MEED.com package to support your strategic planning with the MENA region’s best source of business information. Proceed to our online shop below to find out more about the features in each package.