From Reuters: Syria expects to attract $30 billion of foreign private investment in the next five years, as it encourages Islamic banking development and opens up its economy, the finance minister said on Thursday.

The government is “serious” about supporting the development of Islamic finance in the country which has partially opened to private enterprise after decades of nationalisation and state control, Mohammad Al-Hussein told Reuters……..Full Article: Source

From Gulf-daily-news.com: The European subsidiary of Al Salam Bank-Bahrain, which last week bought prime real estate in London’s financial centre, will focus on private equity rather than property, its chief executive said.

Mohammed Paracha said Al Salam Europe is shopping around for Continental European mid-cap private equity deals in Spain, Portugal and France. It has also considered Italy and nearly sealed a deal in the UK, which fell through, he said………Full Article: Source

From Menareport.com: Dubai-based private equity group Abraaj Capital, which has raised about US$ 7 billion since inception in 2002, announced today the opening of its office in the Saudi Arabian capital Riyadh with a dedicated investment team to tap growing opportunities in the largest Arab economy.
The team of eight, headed by Executive Director Sari Anabtawi, 46, will work to identify new investment opportunities as well as work with existing Abraaj partner-companies to grow their business in Saudi Arabia and the region…….Full Article: Source

From Menafn.com: Finance Minister Ibrahim Al-Assaf yesterday commended the efforts of the Islamic Development Bank (IDB) in strengthening partnerships with the private sector and for its vast expertise in exploring project viability.
Addressing a ceremony organized by the bank to launch its business forum entitled “Thiqah,” the minister also noted IDB’s endeavors to boost the economic and social development of member countries…….Full Article: Source

From Reuters: Private equity houses are eyeing acquisitions in the Gulf Arab region, but deal-making is challenging in a region dominated by family owned conglomerates, bankers said.

The Gulf Arab region has been a hunting ground for private equity firms raising oil money from rich individuals and institutions to finance deals elsewhere……..Full Article: Source

From Cpifinancial.net: The Capital Trust Group said that Euromena II, its third generation MENA private equity fund, will close in two weeks as the fundraising operation nears its objective.

In a statement, Capital Trust said that the funds raised by EuroMena II amount to approximately $100 million, despite the current global financial and economic crisis…….Full Article: Source

From Reuters: Dubai-sponsored Islamic hedge fund platform Al Safi is planning a foray into private equity by the end of this year, the scholar sanctioning its Islamic compliance said on Wednesday.

Yusuf Talal DeLorenzo, chief sharia officer at U.S. fund manager Shariah Capital, said the Al Safi platform could also offer up to five long/short equity hedge funds…..Full Article: Source

From Tradearabia.com: Kuwait Projects Co (Kipco) said on Monday it expects to launch a private equity fund targeting the Middle East and North Africa in 2009, if market conditions are suitable.

Kipco expects to double its annual profit in 2009 and cut costs by 20 percent, chief executive Faisal Al-Ayyar told a news conference on Monday. Its 2008 profit fell to 24.1 million Kuwait dinars ($82.8 million) from 521.7 million dinars in the previous year. ….Full Article: Source

From Cpifinancial.net: Istithmar World Investment Management (Dubai) is part of the Dubai World group, Dubai’s investment flag bearer focusing on strategic growth areas through its portfolio companies.

Istithmar World is active in private equity globally and has $9 billion of non-consolidated assets under management, including real estate investments. Istithmar World Investment Management (Dubai) is the first Dubai World entity to be authorised by the DFSA to conduct regulated activities in DIFC…..Full Article: Source

The Abu Dhabi Investment Company (ADIC) has hired a new head of private equity to lead a charge for buy-outs in the Middle East and North Africa at a time when the global economic crisis is starving promising companies of capital.

Leading the push will be an experienced deal maker in the region, Samir Assaad Samaan, who joins ADIC from NBK Capital in Dubai, where he headed the firm’s private equity operations. “With the global economic crisis hampering corporate financing, our nimble private equity fund should continue to thrive as a valuable capital source for growing companies,” said ADIC Chief Executive Officer Nazem Fawwaz Al Kudsi…… Full Press Release: Source

From Cpifinancial.net: Middle East private equity fund managers raised a record $6.4 billion in 2008, up more than 10 per cent over 2007 and more than double the amount raised in 2005, according to Gulf Venture Capital Association’s (GVCA) 2008 report on Private Equity & Venture Capital in the Middle East.

Large size funds are primarily responsible for this growth, with the average fund size in 2008 being $258 million, compared with $213 million in 2007 and just $177 million in 2006. This trend is driven by the need for more flexibility in structuring deals and the past success of large buyout transactions, according to the 2008 GVCA report….. Full Article: Source

From Gulfnews.com: Private equity firms in the Middle East have $11 billion (Dh40.37 billion) ready for investment but deals are hard to come by and exit routes are scarce in the current economic downturn, an industry report revealed on Monday.

Fund managers last year collected $6.4 billion, 10 per cent more than the previous year, according to the Gulf Venture Capital Association (GVCA) report for 2008….. Full Article: Source

From Allafrica.com: The Middle East will remain a key source of capital for international fund managers, although they will need to become more attuned to the essentials of doing business here.

This conclusion was reached during a session of the Private Equity International Middle East Forum which brought together participants in the private equity industry from fund managers to investors to legal advisers. …. Full Article: Source

From Gulf-times.com: Private equity firms in the Middle East will find attractive investment opportunities as oil revenues continue to grow and companies with sound growth potential emerge from the current downturn, a senior Dubai government official said yesterday.

“At a time when banks are tight on lending, valuations of many companies in the region have dropped and now rely more on private equity,” Omar bin Sulaiman, governor of the Dubai International Financial Center, said at a private equity conference in Dubai….. Full Article: Source

From Tradearabia.com: Newly-launched First Investment Bank is working on five private equity deals each worth $50 million to $1 billion, and expects Egypt to top the region for such deals, the Islamic lender’s chief executive said.

The newcomer wants to capitalise on the tightening of the region’s money markets faced by established banks….. Full Article: Source

From Privateequityrealestate.net: AREIT, which manages the $200 million Arabian Real Estate Investment Trust (AREIT) fund, said in a statement it had hired the former Landmark Real Estate Investment Management chief executive officer to oversee the firm’s investments and help launch new platforms in the next 12 months.

The firm said it expected to launch a second REIT to follow on from AREIT, which was launched in 2006, as well as a “regional opportunity fund and a Shariah-compliant Saudi real estate fund”….. Full Article: Source

From Altassets.com: Millennium Private Equity, a division of investment bank Millennium Finance Corporation, has invested AED92m ($25m) in Kuwait Energy Company.

It is the first investment made from the Millennium Global Energy Fund, which first closed in April last year….. Full Article: Source

From Arabianbusiness.com: Rasmala, a leading regional investment banking firm announced the successful first closing of Rasmala MENA Private Equity Fund 2, with USD 120 million in commitments received.

The Sharia compliant fund is primarily focused on mid-cap opportunities in the GCC and Egypt that benefit from the region’s GDP growth. It has a target Internal Rate of Return (IRR) of 25% (per annum)….. Full Article: Source

From Bi-me.com: NBD Sana Capital, the private equity unit of United Arab Emirates’ Emirates NBD, raised almost US$170 million at its first close and is eyeing buyout opportunities in the Middle East, North Africa and South Asia.

“We are looking at a few very attractive deal opportunities, particularly in Turkey and India,” Suresh Kumar, group director at Emirates NBD, said…. Full Article: Source

From Khaleejtimes.com: The Millennium Finance Corporation (MFC) — a Sharia-compliant investment bank — plans to launch three private equity funds with a total value of $600 million, which are expected to close in the first half of next year.

“We are launching three new funds: a Clean Energy Fund, focusing on such renewable energy technologies as wind, solar, and biofuels; an Africa Fund, focusing on investing in sub-Saharan Africa; and a Real Estate Fund,” COO of MFC Ahmad Atwan said….. Full Article: Source

From Istockanalyst.com: The Birmingham-based Islamic Bank of Britain is looking to expand after a successful trip to the Middle East to find development funding.

And while the amount raised may pale in comparison to the pounds 5.8 billion package Barclays got from Gulf investors, the bank says it will be using the money to expand in response to a huge increase in demand for its services….. Full Article: Source

From Tradearabia.com: Seera Investment Bank BSC (Seera), a Shari’a compliant investment bank headquartered in Bahrain, has launched a White Paper on Islamic banking and investment in partnership with Dow Jones Private Equity, the leading provider of finance and investment data to the private equity industry.

The first in a series of thought-leadership reports was presented at the 15th Annual World Islamic Banking Conference (WIBC). Seera (formerly known as United International Bank) was the innovation sponsor of WIBC, which was held from November 23 to 25, 2008 at the Gulf Hotel, Manama, Bahrain….. Full Article: Source

From Ameinfo.com: Over the last decades, Sarasin has become known for sustainable investment and private banking. Now, the Basel-based bank with branches in Dubai, Doha and Manama aims to repeat its success in Islamic Finance.

In 1986 Swiss private bank Sarasin & Cie. decided to put a higher focus on sustainable investment. This move was triggered by a tragic accident in the city of Basel at a chemistry storage facility….. Full Article: Source

From Btimes.com.my: Islamic private equity (PE) is gaining popularity and significance as equity participation is the most favoured in Islamic finance, participants at a forum were told yesterday.

London-based PE specialist Omar Shaikh of Ernst and Young said PE is an attractive outlet for musharakah or partnership-based investments, leading to more Islamic banks being involved in PE deals….. Full Article: Source

From Reuters: Newly launched First Investment Bank is working on five private equity deals each worth $50 million to $1 billion, and expects Egypt to top the region for such deals, the Islamic lender’s chief executive said Thursday.

The newcomer wants to capitalise on the tightening of the region’s money markets faced by established banks….. Full Article: Source

From Gulf-times.com: Exceptional growth in the real estate sector and increasing financing demand in the GCC countries have created valuable opportunities for banks and financial institutions but lenders are faced with operational challenges, according to a study.

The lack of specialised mortgage servicing, streamlined process workflows and use of technology as well as the non-existence of a rated servicing platform were challenging the financial institutions within the growing GCC mortgage markets, said a study by Capitas Group, a New York based firm with a track record of establishing Shariah-compliant specialty finance business….. Full Article: Source