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Sovereign Wealth Funds Briefing - Categorized | Market

SWF from Saudi Arabia along with Korean firm to establish venture firm in West Africa

Posted on 29 July 2013

A sovereign wealth fund from the Kingdom of Saudi Arabia and a diversified industrial Korean firm had signed a memorandum of understanding for the formation of a joint venture enterprise in West Africa. The Islamic Corporation for the Development of the Private Sector, or ICD, signed an agreement with Kolon Group of South Korea to invest in a pharmaceutical plant in Cote d’Ivoire. The ICD is the private sector arm of the Jeddah, Saudi Arabia-based Islamic Development Bank Group.
The group of investors wanted to set up a joint venture company in the Western African region. They will start by investing in a pharmaceutical plant in the Republic of Côte d’Ivoire and by engaging in the marketing of pharmaceutical products in West Africa………………………………………..Full Article: Source


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