Tamer Bazzari, the head of Dubai-based investment bank Rasmala Investments, has said the firm plans to spend around one-third of proceeds from a planned private equity fund for investments in Saudi Arabia within the next four years, Reuters has reported. Rasmala plans to close this year a private equity fund with a target of $350m, which is focused on investing in the Gulf countries and Egypt. Bazzari also said that Rasmala is looking to go to the market with its first housing fund during the second quarter of this year.