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Press Releases |
SHUAA Partners launches “Frontier Opportunities Fund I, L.P.” - its second private equity fund Dubai, June 10th, 2006 - SHUAA Partners, the private equity arm of leading regional investment banking institution SHUAA Capital psc, today announced the launch of its “Frontier Opportunities Fund I, L.P.” (the “Fund) - a US$ 100 million private equity fund. The objective of the Fund is to provide its limited partners with long-term capital appreciation through select equity investments in both existing and start-up businesses in countries in the Levant region. The Fund will have a four-year investment horizon and will invest in existing companies which have an established track record, capable management, and a strategic advantage in their sector that can drive future growth. The initial focus of the Fund will be on Syria, but it will also consider investments in Lebanon and Jordan. The fund will target companies in the telecommunications, financial services and hospitality sectors, but will also invest in other sectors on an opportunistic basis. "Syria represents a frontier that has tremendous potential for foreign investors. Most recently, it has witnessed a marked improvement in economic growth and an increased flow of investment into the country from Gulf investors and expatriate Syrians. Reform and an improved trade and investment climate will be key to sustaining the current surge in capital inflow. Nevertheless, we have identified a couple of solid investments with substantial upside, and we believe that private equity money can create value through its special expertise” said Mr. Iyad Duwaji, Chief Executive Officer of SHUAA Capital and Chairman of SHUAA Partners. “The market has not been tapped by professionally managed funds before, and we are well positioned to attract and execute transactions in Syria given our expertise in the region as a whole, and my first hand knowledge of the country” added Mr. Duwaji. Mr. Ibrahim (“Abe”) Saad, Managing Director of SHUAA Partners stated: "Our management team understands the various intricacies of the Levant region, and has experience executing deals in Jordan and Lebanon. We are optimistic about the changes in the economic climate in the region and are encouraged by the developments taking place in Syria in particular.” Mr. Saad added: “The initial response we have received from our investors, who have committed more than US$ 55 million to-date, is a testament of our strong franchise in this field, and our ability to deploy capital efficiently and profitably.” SHUAA Partners is targeting June 29th, 2006 for the first closing of the Fund. Its first fund “SHUAA Partners Fund I, L.P.”, which was launched in June of last year raised US$ 200 million for investments in the GCC, and has made three investments to-date, representing 38% of the capital committed. The fund invested in well known and established companies such as Damas - a jewelry retailer and wholesaler, Petrofac - an international provider of facilities solutions to the oil and gas industry and, most recently, Rotana Hotels - a leading regional hotel management company.
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