New mega fund created

03 March 2006
Bahrain-based Gulf One Investment Bank is structuring a $10,000 million fund to invest in infrastructure projects across the region. Individuals and international and regional financial institutions are expected to invest in the fund, which will comprise equity and debt portions and is due to launch by the end of the second quarter of 2006.

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).

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