The Saudi Arabian General Investment Authority (SAGIA) has granted the Joussour fund a licence to invest up $5,000 million in the kingdom. The fund is expected to make total equity investments of more than $1,500 million over five years. Shareholders will have co-investor rights and will be offered a stake in the balance of investments above the fund’s $50 million ceiling. The remainder is expected to be debt-financed.
Saudi Arabian investors include Savola Group
and Saudi Binladin Group
. Abu Dhabi Holding Company
and Swicorp Capital
are also shareholders. US-based The Boston Consulting Group
will advise Swicorp on the fund’s investment strategy.
Swicorp launched the open-ended Emerge Invest Fund in early December, which will invest in Algeria, Iran and Sudan. More than $100 million has been committed to the fund, which will focus on the oil and gas infrastructure, construction, consumer goods and financial sectors. ‘Sudan is a new market. Investors are keen to benefit from macro-economic growth and the improvement in the political environment following the signing of the peace agreement,’ says Swicorp vice-president Jean-Guillaume Habay.