MENAF - 16/4/2006
Global Investment House (Global) yesterday announced the launch of Global Opportunistic Fund II with a capital of $1 billion to invest in pre-IPOs (initial public offerings) and IPOs in the GCC, Middle East & North Africa and Asia (MENA).
Omar El-Quqa, executive vice president at Global and Shailesh Dash, senior vice president (Strategic Investments Group) in the company, launched the fund in a joint press conference held in Emirates Towers in Dubai.
El-Quqa said that Global had expanded geographically by opening offices in Bahrain, United Arab Emirates and Jordan in addition to buying strategic stakes in financial institutions in Oman, Sudan, Palestine and Tunisia.
"We are in the process of expanding into several other countries in the Middle East and have strategic relationships with established private equity managers and investment banks in the target countries."
This he said had given Global in-depth understanding of the markets and opportunities to capitalize on which resulted in founders' allotment in leading IPOs such as Dana Gas, Ras Al-Khaimah Properties, Al-Salam Bank, BankMuscat International, Arabian Logistics Company and Al-Mal Capital.
Global has also invested with other regional leading institutions such as Emaar, Amlak, The Investment Office, Dubai, The Investment Office, RAK, Royal Court of Muscat, CCFI, Olayan Group and others.
The company, El-Quqa said, had an excellent track record in various investment related activities in asset management or investment banking. It manages around 25 investment funds with different strategies, and the assets under management have over passed $6.2 billion.
"Today, Global houses the largest corporate finance team in the region supported by world-class fundamental and quantitative research which gives the fund manager access to the new companies launched as well as the IPO mandates by the Investment Banking Group," he said.
Global has reviewed over 200 investment proposals across industry sectors in the region that totaled $8 billion; almost 50 were self-generated and proprietary. Global has participated in over 35 investment proposals, he stated.
Global has a direct investment portfolio in excess of $750 million and a significant number of investment opportunities in the pipeline such as telecom service companies and a petrochemical company in Saudi Arabia, a leading bank and a mining company in China, a gas distribution company in Pakistan in addition to Reliance Petroleum Ltd. (refinery) and shipping and petroleum company in India.
El-Quqa noted that the Global Opportunistic Fund, the first IPO fund launched and managed by Global with a capital of $550 million last August, had reported excellent results within only 7 months.