The fund will establish special purpose vehicles (SPVs) to co-finance mega projects in the Middle East and beyond. ‘The need for projects [in the region] is much higher than $10,000 million,’ says Gulf One chief executive officer Nahed Taher.

The bank is planning to launch a project development company subsidiary by the end of the second quarter. Gulf One signed a memorandum of understanding with UK-based DLA Piper Rudnick Gray Cary in late February to provide legal advice on project finance and public-private partnerships (MEED 6:1:06).