Global Investment House and Dubai Islamic Bank (DIB), in collaboration with Millennium Capital, have signed a memorandum of understanding (MoU) to launch the Global DIB Millennium Islamic Buyout Fund, a private equity fund targeting aggregate commitments of $500 million.
The fund will invest in buyouts of Sharia-compliant companies in parallel with the Global Buyout Fund, which had its initial closing in November 2007 upon receiving aggregate commitments of $550 million and has already invested or committed more than a third of it in three acquisitions.
The MoU was signed by Maha Al Ghunaim, chairperson and managing director of Global, and Khalid Al Kamda, group managing director and chief executive of Dubai Islamic Bank.
"We operate with about 1.6 billion dollars in private equity, and we believe that this asset class will dominate the region in the coming years as it is well suited for the region's macro-economic factors such as sustained economic growth, the implementation of reforms that encourage foreign direct investment, and the increased willingness of the Government to the privatization of state-owned entities in various sectors, said Omar Al Quqa, executive vice president of Global.
Buyout Global Fund dedicated to redemption, the Middle East and North Africa (Mena), Turkey and South Asia.
"The fund is suitable for sophisticated investors from the region who prefer Islamic products, but did not come to a private equity products often," said Masrur Omar, the head of private capital from Millennium Capital, the investment banking unit DIB.
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