The preliminary information memorandum (PIM) for potential investors is to be issued in early May, and the fund's first close is scheduled to take place by the end of the year. The MENA Unity Fund, as it is now called, is aiming to raise $750 million (Banking, MEED Special Report, 21:12:01, pages 30-32).

'We have no doubt that this is the right time to issue the PIM for this fund: there are huge opportunities in the energy sectors of the region and the development of them requires capital,' says Gary King, the regional head of SBL's energy group. 'The MENA Unity Fund offers investors the chance to take exposure to a strong growth story.'

The fund's investments will be divided mainly between the primary energy and power generation, transmission and distribution sectors, with a smaller portion dedicated to energy-related industrial projects and environmental and new technology-driven projects.

Interest in the fund - the first of its kind in the region - has been growing since the project was announced. 'We are already seeing proprietary deal flow,' says King.