DUBAI (Reuters) – A Libyan domestic investment fund with estimated assets of $1 billion could direct some of its investments abroad, especially to neighbouring Tunisia, the chief executive of the National Investment Company said.
“Although the fund is focused on domestic investment, our laws allow for foreign investment,” Basheer Ashour told Reuters over the telephone from Tripoli.
“We could make some investments in Tunisia,” he said.
He said the fund was planning to invest in what he described as “conservative tourism”, catering to a growing number of tourists looking to stay in hotels and resorts which observe Islamic rules, including banning alcohol.
“It’s a very early stage but there are discussions now,” he said, referring to the Tunisian investment.
Libyan Central Bank Governor Saddeq Omar Elkaber told Reuters last month the Libyan government had no plans to inject fresh cash into its foreign investments, including Italian bank UniCredit, as it needed the money for reconstruction efforts.
Ashour said he was leading a restructuring plan of the fund, established in 1986, that aims at increasing its investments locally and abroad. He said one project was to build a transport network of buses and taxis inside and between Libyan cities.
He said, however, that there are no immediate plans to increase the fund’s capital by tapping into government coffers.
“For foreign projects we’re thinking of seeking external financing, preferably through means of Islamic banking,” he said.
The U.N. Security Council’s sanctions had frozen $170 billion in Libyan assets, but a large sum was released in December when the council lifted the sanctions on the central bank’s $100 billion, mostly cash assets.
Ashour said he expected the National Investment Company’s capital to increase by up to 60 percent over the next two to three years.
“It’s possible that the size of the fund increases in the next two to three years to 1.5-2.0 billion Libyan dinars,” he said.
The fund has investments in the oil, real estate, banking and insurance sectors, including a 55 percent stake in the Sahara Insurance Co.
He said the fund had 200 million dinars in cash that would be mostly used to complete existing real estate projects in Libya, including hotels.
Libya’s main investment vehicles is the $65 billion Libyan Investment Authority.
Its acting chief executive told Reuters late last year the cash-heavy fund could be used to fund reconstruction projects after a nine-month civil war that ended the rule of dictator Muammar Gaddafi.
http://tourism9.cm/ http://vkins.com/
2012年2月4日星期六
Joint exploration of hydropower: Pakistan, Qatar may sign 2 MoUs
Saturday, 04 February 2012 09:00
ISLAMABAD: Pakistan and Qatar are likely to sign two Memoranda of Understanding (MoUs) according to which the two countries will jointly explore development of hydropower, identification of sources of financing, exploration of investment opportunities in energy sector, rehabilitation of existing hydropower plants and construction of National Highway and Motorway infrastructure, official sources told Business Recorder.These MoUs, sources said, will be inked during the visit of Prime Minister Yousaf Raza Gilani, scheduled for February 6-8.
They said that a draft of MoU has been prepared which will be signed between the Ministry of Water and Power and Ministry of Energy, Qatar.
The objective of this MoU is to strengthen bilateral relations between the two countries, which will accelerate the process of providing energy access and sustainable power and water sector development cooperation for the benefit of both countries.
The Ministry of Energy of Qatar and Pakistan’s Ministry of Water and Power will cooperate in accordance with the MoU, subject to the relevant laws of each country, to jointly explore different avenues of cooperation. The MoU will take effect on the date of its signing and will remain in force for a period of three years, unless earlier terminated or extended by mutual consent of the two countries.
Sources said that Ministry of Water and Power has examined the MoU and supports its signing as it pertains to hydropower development through joint research, transfer of technologies and capacity building. However, for procurement or construction of projects and in order to ensure transparency, relevant rules, instructions, international competitive bidding (ICB) and PPRA Rules shall be followed. The MoU was referred to Law Division for vetting on January 30, 2012. Since the MoU will be signed during the Prime Minister’s visit to Qatar in the first week of February, the Ministry of Law and Justice should give its opinion in the Cabinet meeting.
Sources said that to create fiscal space to fund important projects of highways and motorways another MoU is likely to be signed with Qatar on provision of financial assistance through Qatar Development Fund (QDF). Prime Minister, sources said, is also expected to discuss Afghanistan situation with his Qatari counterpart, in addition to situation in Arab countries.
Last month, Director General Inter Services Intelligence(ISI), Lieutenant General Shuja Pasha (retired) visited Qatar to discuss matters relating to Afghanistan after which the United States of America (USA) allowed Afghanistan-based Taliban to open their offices in Qatar, aimed at facilitating talks between Afghan government, USA , Pakistan and other stakeholders. Foreign Minister Hina Rabbani Khar visited Kabul last week where she held meetings with her counterpart and Afghan President Hamid Karzai and discussed different options for peaceful resolution of Afghanistan dispute. -MUSHTAQ GHUMMAN
More articles :
» PCB chairman wants Aamer back after serving ban
DUBAI: Cricket chief Zaka Ashraf Friday backed the return of spot-fixing convict Mohammad Aamer after he serves his five-year ban, saying he was a talented fast bowler who had been “trapped”.”I want to see Aamer back but only after considering the…
» PM hails WTO approval for EU waiver on duties for 75 Pakistani Products
ISLAMABAD: Prime Minister Syed Yusuf Raza Gilani has expressed gratitude to the European Union for the approval by the World Trade Organization for a European Union waiver on duties for 75 products from Pakistan.He said the approval of the scheme…
» Will go to jail if convicted: Gilani
KARACHI: The Supreme Court of Pakistan has once again summoned Prime Minister Syed Yousuf Raza Gilani 13 in the contempt of court case on February 13, according to the media on Friday.Talking to the media, Prime Minister Gilani said, “I will appear…
» Pakistan all out for 99 in third Test
KARACHI: Pakistan were all out for 99 in the third and final Test played at Dubai Stadium on Friday.Two batsmen reach double figures. Asad Shafiq was 24 while Saeed Ajmal was one not out after Pakistan won the toss and elected to bat.Pakistan,…
» Pakistan struggling at 53-7 at lunch
DUBAI: Pakistan went into lunch at 53-7 on the opening day of the third and final Test against England at Dubai Stadium on Friday.At the break Asad Shafiq was 24 while Saeed Ajmal was one not out after Pakistan won the toss and elected to…
2012年1月30日星期一
Saxo Capital Markets (Australia) Pty Ltd Launches Its Retail Operations
SINGAPORE–(Marketwire -01/30/12)- Saxo Capital Markets (Australia) Pty Ltd (‘SCM Australia’), the online trading and investment specialist, today announced the launch of its retail operations in Australia, offering investors the opportunity to trade various asset classes across award-winning online platforms.
Saxo Capital Markets (Australia) Pty Ltd is a wholly owned subsidiary of Saxo Bank A/S. It holds an Australian Financial Services Licence 280372 and is regulated by the Australian Securities & Investments Commission.
The move extends Saxo Bank Group’s reach in the fast-growing Asia-Pacific region, and is consistent with its goal of being the premier multi-asset online trading platform in the world.
SCM Australia offers local traders sophisticated trading platforms such as SaxoTrader and SaxoWebTrader, permitting the trading of foreign exchange, CFDs and stocks with live streaming prices and lightning-fast stock trades.
SCM Australia provides clients with access to over 160 foreign exchange crosses, more than 13,000 stocks from 25 major exchanges and over 140 Futures contracts on live market prices from over 19 exchanges. SCM Australia’s CEO Anthony Griffin said the company believed it had the services and competitive offering to transform the online trading market in Australia.
Mr. Griffin states, “In Australia, we will be adopting the standard Saxo business model that has been successfully implemented in over 20 countries and bringing our award-winning platforms to the market.”
Further, he states, “It was critical to ensure that investors were educated as much as possible on the asset classes they were trading in and the risks involved. As a result, SCM has a number of online educational tools available to ensure investors are informed.”
SCM Australia recently completed the acquisition of Logos Commodities Pty Ltd, the holding company of Commodity Broking Services Pty Ltd, bringing with it an excellent client base and broadening its suite of services.
Kim Fournais and Lars Seier Christensen, co-founders and CEOs of Saxo Bank, said in a joint statement:
“While opening an office in Sydney is a strategic decision to support our Asia-Pacific expansion and growth strategy, it has always been a priority for Saxo Bank. The acquisition has brought with it both tremendous staff as well as a great range of clients. That has given us the critical mass for doing business here. This is a good time for us to prove our commitment to the Australian market.”
Saxo Bank was founded in 1992. Saxo Bank’s trading platforms have defined the company’s success in the online trading space for over a decade. Since introducing the SaxoTrader in 1998, Saxo Bank has enhanced and improved its platforms to meet the evolving needs of traders and investors in a continuously changing industry. The Group has expanded overseas since 2006 and now has operations in more than 20 countries including major financial centres such as Tokyo, Singapore, Hong Kong, London, Zurich, Dubai, and Paris.
Company’s logohttp://release.media-outreach.com/i/Download/322
Disclaimer:Saxo Capital Markets Pte. Ltd. (“Saxo Capital Markets”) is licensed as a Capital Market Services provider and an Exempt Financial Advisor, and is supervised by the Monetary Authority of Singapore.
You should carefully consider whether trading in leveraged products is appropriate for you in the light of your financial circumstances. You should be aware that dealing in products that are highly leveraged carry significantly greater risk than non-geared investments such as share trading. As such, you could both gain and lose large amounts of money. You may sustain losses in excess of the moneys you initially deposit and also in excess of the margin required to establish and maintain any positions in leveraged products.
For further information, please see:
http://sg.saxomarkets.com/about-us/general-disclaimer
About Saxo Capital Markets
Saxo Capital Markets Pte Ltd is a wholly owned subsidiary of Saxo Bank A/S, the Copenhagen-headquartered online trading and investment specialist. It serves as the Asia Pacific headquarters and holds a Capital Markets Services license from the Monetary Authority of Singapore. Saxo Capital Markets also holds a Commodity Broker licence from The International Enterprise Singapore.
Clients can trade Forex, CFDs, Stocks, Futures, Options and other derivatives via SaxoWebTrader and SaxoTrader, its leading multi-asset online trading platforms.
SaxoTrader is available directly through Saxo Capital Markets or through one of its institutional clients. White labelling is a significant business area for Saxo Capital Markets, and involves customising and branding of its online trading platform for other financial institutions and brokers.
For more information, please visit http://www.saxomarkets.com.sg/
http://tourism9.com/ http://vkins.com/
Saxo Capital Markets (Australia) Pty Ltd is a wholly owned subsidiary of Saxo Bank A/S. It holds an Australian Financial Services Licence 280372 and is regulated by the Australian Securities & Investments Commission.
The move extends Saxo Bank Group’s reach in the fast-growing Asia-Pacific region, and is consistent with its goal of being the premier multi-asset online trading platform in the world.
SCM Australia offers local traders sophisticated trading platforms such as SaxoTrader and SaxoWebTrader, permitting the trading of foreign exchange, CFDs and stocks with live streaming prices and lightning-fast stock trades.
SCM Australia provides clients with access to over 160 foreign exchange crosses, more than 13,000 stocks from 25 major exchanges and over 140 Futures contracts on live market prices from over 19 exchanges. SCM Australia’s CEO Anthony Griffin said the company believed it had the services and competitive offering to transform the online trading market in Australia.
Mr. Griffin states, “In Australia, we will be adopting the standard Saxo business model that has been successfully implemented in over 20 countries and bringing our award-winning platforms to the market.”
Further, he states, “It was critical to ensure that investors were educated as much as possible on the asset classes they were trading in and the risks involved. As a result, SCM has a number of online educational tools available to ensure investors are informed.”
SCM Australia recently completed the acquisition of Logos Commodities Pty Ltd, the holding company of Commodity Broking Services Pty Ltd, bringing with it an excellent client base and broadening its suite of services.
Kim Fournais and Lars Seier Christensen, co-founders and CEOs of Saxo Bank, said in a joint statement:
“While opening an office in Sydney is a strategic decision to support our Asia-Pacific expansion and growth strategy, it has always been a priority for Saxo Bank. The acquisition has brought with it both tremendous staff as well as a great range of clients. That has given us the critical mass for doing business here. This is a good time for us to prove our commitment to the Australian market.”
Saxo Bank was founded in 1992. Saxo Bank’s trading platforms have defined the company’s success in the online trading space for over a decade. Since introducing the SaxoTrader in 1998, Saxo Bank has enhanced and improved its platforms to meet the evolving needs of traders and investors in a continuously changing industry. The Group has expanded overseas since 2006 and now has operations in more than 20 countries including major financial centres such as Tokyo, Singapore, Hong Kong, London, Zurich, Dubai, and Paris.
Company’s logohttp://release.media-outreach.com/i/Download/322
Disclaimer:Saxo Capital Markets Pte. Ltd. (“Saxo Capital Markets”) is licensed as a Capital Market Services provider and an Exempt Financial Advisor, and is supervised by the Monetary Authority of Singapore.
You should carefully consider whether trading in leveraged products is appropriate for you in the light of your financial circumstances. You should be aware that dealing in products that are highly leveraged carry significantly greater risk than non-geared investments such as share trading. As such, you could both gain and lose large amounts of money. You may sustain losses in excess of the moneys you initially deposit and also in excess of the margin required to establish and maintain any positions in leveraged products.
For further information, please see:
http://sg.saxomarkets.com/about-us/general-disclaimer
About Saxo Capital Markets
Saxo Capital Markets Pte Ltd is a wholly owned subsidiary of Saxo Bank A/S, the Copenhagen-headquartered online trading and investment specialist. It serves as the Asia Pacific headquarters and holds a Capital Markets Services license from the Monetary Authority of Singapore. Saxo Capital Markets also holds a Commodity Broker licence from The International Enterprise Singapore.
Clients can trade Forex, CFDs, Stocks, Futures, Options and other derivatives via SaxoWebTrader and SaxoTrader, its leading multi-asset online trading platforms.
SaxoTrader is available directly through Saxo Capital Markets or through one of its institutional clients. White labelling is a significant business area for Saxo Capital Markets, and involves customising and branding of its online trading platform for other financial institutions and brokers.
For more information, please visit http://www.saxomarkets.com.sg/
http://tourism9.com/ http://vkins.com/
2012年1月27日星期五
AK BARS Bank: AK BARS Bank Murabaha Islamic Financing Facility has been awarded the Europe Deal of the Year by the …
AK BARS Bank: AK BARS Bank Murabaha Islamic Financing Facility has been awarded the Europe Deal of the Year by the Islamic Finance news Awards
EquityStory.RS, LLC-News: AK BARS Bank / Key word(s): Miscellaneous AK BARS Bank: AK BARS Bank Murabaha Islamic Financing Facility has been awarded the Europe Deal of the Year by the Islamic Finance news Awards
27.01.2012 / 12:06
AK BARS Bank has successfully allocated funds raised under its Syndicated Murabaha Islamic financing deal, in the amount of 60 million USD. The Master Agreement was signed in September 2011 for the period of 1 year, and is the first public international Shariah-compliant deal in Russia. Citi and the Islamic Corporation for the Development of the Private Sector (ICD), a member of the Islamic Development Bank Group, acted as exclusive Joint Lead Arrangers of and Bookrunners for the deal. The Eurasian Development Bank acted as Mandated Lead Arranger. Citi Islamic Investment Bank E.C. acted as Documentation Agent, and Citibank International Plc as Investment Agent. The funds raised have been used to finance a priority service and transport infrastructure development project in the Republic of Tatarstan, in preparation for Universiade (the World University Games) 2013, which will be hosted by the city of Kazan. These investments aimed to develop the interregional air travel system and stimulate the domestic tourism and business activity of the city. In January AK BARS BANK’s Islamic deal was awarded the title of «Deal of the Year 2011 in Europe» by the Islamic Finance News, the leading specialized online journal for the Islamic finance market. The innovative character and the uniqueness of the transaction were the main criteria for the award of the title «Deal of the Year 2011 in Europe». The deal was the first of its type in the CIS, and opened the doors to the Islamic finance market for Russia. This award proves that «AK BARS» BANK is the leader and pioneer in the development and implementation of alternative funding sources both in the Russian market and across the CIS. – «In spite of the severe market situation and tight time schedule, AK BARS BANK managed to close the deal on beneficial terms» – noted Robert Minnegaliev, the Chairman of the Board of Ak Bars Bank. – This Shariah-compliant deal created a real opportunity for the diversification of fund sourcing. This sets a new benchmark in the CIS and a significant precedent for Russian banks.» The «Deal of the Year» Award is granted annually for successful results in the area of Islamic finance. The Awards Ceremony will be held in Dubai in February 2012.
AK BARS Bank (open joint-stock company) was registered in the Central Bank of Russia and successfully operates on the financial market of Russia since 1993. AK BARS Bank is a universal bank and develops corporate, retail and investment businesses.
End of Corporate News
27.01.2012 Dissemination of a Corporate News, transmitted by EquityStory.RS, LLC – a company of EquityStory AG. The issuer is solely responsible for the content of this announcement.
EquityStory.RS, LLC’s Distribution Services include Regulatory Announcements, Financial/Corporate News and Press Releases. Media archive at www.dgap-medientreff.de and www.dgap.de
154264 27.01.2012
EquityStory.RS, LLC-News: AK BARS Bank / Key word(s): Miscellaneous AK BARS Bank: AK BARS Bank Murabaha Islamic Financing Facility has been awarded the Europe Deal of the Year by the Islamic Finance news Awards
27.01.2012 / 12:06
AK BARS Bank has successfully allocated funds raised under its Syndicated Murabaha Islamic financing deal, in the amount of 60 million USD. The Master Agreement was signed in September 2011 for the period of 1 year, and is the first public international Shariah-compliant deal in Russia. Citi and the Islamic Corporation for the Development of the Private Sector (ICD), a member of the Islamic Development Bank Group, acted as exclusive Joint Lead Arrangers of and Bookrunners for the deal. The Eurasian Development Bank acted as Mandated Lead Arranger. Citi Islamic Investment Bank E.C. acted as Documentation Agent, and Citibank International Plc as Investment Agent. The funds raised have been used to finance a priority service and transport infrastructure development project in the Republic of Tatarstan, in preparation for Universiade (the World University Games) 2013, which will be hosted by the city of Kazan. These investments aimed to develop the interregional air travel system and stimulate the domestic tourism and business activity of the city. In January AK BARS BANK’s Islamic deal was awarded the title of «Deal of the Year 2011 in Europe» by the Islamic Finance News, the leading specialized online journal for the Islamic finance market. The innovative character and the uniqueness of the transaction were the main criteria for the award of the title «Deal of the Year 2011 in Europe». The deal was the first of its type in the CIS, and opened the doors to the Islamic finance market for Russia. This award proves that «AK BARS» BANK is the leader and pioneer in the development and implementation of alternative funding sources both in the Russian market and across the CIS. – «In spite of the severe market situation and tight time schedule, AK BARS BANK managed to close the deal on beneficial terms» – noted Robert Minnegaliev, the Chairman of the Board of Ak Bars Bank. – This Shariah-compliant deal created a real opportunity for the diversification of fund sourcing. This sets a new benchmark in the CIS and a significant precedent for Russian banks.» The «Deal of the Year» Award is granted annually for successful results in the area of Islamic finance. The Awards Ceremony will be held in Dubai in February 2012.
AK BARS Bank (open joint-stock company) was registered in the Central Bank of Russia and successfully operates on the financial market of Russia since 1993. AK BARS Bank is a universal bank and develops corporate, retail and investment businesses.
End of Corporate News
27.01.2012 Dissemination of a Corporate News, transmitted by EquityStory.RS, LLC – a company of EquityStory AG. The issuer is solely responsible for the content of this announcement.
EquityStory.RS, LLC’s Distribution Services include Regulatory Announcements, Financial/Corporate News and Press Releases. Media archive at www.dgap-medientreff.de and www.dgap.de
154264 27.01.2012
AXC0086 2012-01-27/12:06
2012年1月2日星期一
Jordan- New fund to boost about 15 Jordanian SMEs
(MENAFN – Jordan Times) Amidst a slowdown in the Middle East’s private equity industry, Jordan’s small and medium-sized enterprises (SMEs) are set to get a boost from a new private equity fund.
Aimed at facilitating investment in new businesses, the fund will enable SMEs to access liquidity from a new source, a vital step as finance coming from traditional means – specifically banks – remains one of the biggest obstacles to business expansion and job creation in the country.
In an October 24 press release, following the World Economic Forum’s Special Meeting on Economic Growth and Job Creation in the Arab World, the Jordan Enterprise Development Corporation (JEDCO), the European Investment Bank (EIB) and Abraaj Capital unveiled the details of the fund.
The $50m Jordan Growth Capital Fund will provide long-term financing and institutional support to up to 15 SMEs with high potential in fast-growth sectors such as technology.
JEDCO, EIB and Abraaj Capital will serve to anchor investors in the fund, which will be managed by an Amman-based team supported by the Riyada Enterprise Development (RED) platform, itself part of the Dubai-based Abraaj Capital Group’s $500m SME investment scheme.
“The Jordan Growth Capital Fund is the first venture capital fund targeting SMEs in the Kingdom,” said JEDCO Chief Executive Officer Yarub Qudah. “This initiative will play a major role in attracting international venture capital funds and foreign direct investors to invest in Jordanian SMEs.
“Moreover, it will help in encouraging Jordanians to establish their own venture capital funds that will create a new sector specialised in fund management activities,” he added.
JEDCO, in partnership with the EIB, spearheaded the Jordan Growth Capital Fund initiative in order to foster the development of the venture capital industry in the Kingdom. Abraaj Capital, which is investing $20 million in the fund, was also awarded the contract to manage it.
As the government’s national development and export promotion organisation, JEDCO helps Jordanian companies compete globally by fostering export opportunities in targeted regional and international markets. It also helps to enhance technical, logistic and administrative expertise.
“The fund is expected to make a key contribution to the emergence of the risk capital industry in Jordan with its talent pool and entrepreneurial energy,” Philippe de Fontaine Vive Curtaz, EIB’s vice president, told reporters.
“The successful launch of this fund is the result of over two years of close cooperation between EIB and JEDCO, and it sends a significant message to the market across the region,” he said.
The EIB, via its financial arm in the Mediterranean, the Facility for Euro-Mediterranean Investment and Partnership, provides support for economic and social development in the Mediterranean region.
The EIB’s involvement in the Jordan project is part of the bank’s annual €2 billion investment in the region, where it is planning to accelerate its investment in Jordan as well as Morocco, Tunisia and Egypt.
As of the end of 2010, the EIB had made overall investments of more than €12 bilion in Mediterranean countries.
In addition to RED, Abraaj Capital group, a private equity manager, oversees more than $6 billion in assets in the Middle East, Turkey, Asia and Africa.
“SMEs are the engine of the region’s future economic growth and a vital source of social and economic stability,” Mustafa Abdul Wadood, the chief executive officer of Abraaj Capital, said.
“Addressing the region’s employment challenge and fostering the growth of entrepreneurship clearly go hand in hand,” he added.
Abraaj has been helping to address these challenges in Jordan since 2002, when it bought into logistics company Aramex. Five years later, in 2007, the company realised a 75 per cent return from the sale to Yahoo! of its stake in Maktoob.com, an Arabic-language website.
“We like Jordan as an investment destination,” said Tom Speechley, a senior partner at Abraaj Capital, at the launch. “We think it’s very entrepreneurial… This will involve Jordanian investment managers investing in Jordanian entrepreneurs.”
RED also offers strategic support to SMEs, including assistance in gaining access to new markets and building and maintaining appropriate human resources and business practices.
In September, RED invested in Jordan’s d1g.com, one of the fastest-growing Arabic social media and content sharing platforms in the Middle East and North Africa region.
With one million subscribers and more than 4.8 milion unique visitors per month, d1g.com offers its target audience – Arab youth aged 12 to 25 – Arabic-language discussion forums and video and audio sharing, as well as entertainment content.
“It’s the best investment climate we’ve seen in our region in terms of pure investment opportunity, strong macroeconomic fundamentals and very little competing capital, meaning that asset prices are not in any way inflated,” Speechley said of Jordan.
“Despite the political turmoil, especially in the SME range, businesses continue to grow to serve the needs of the local market,” he added.
Writer is regional editor of Oxford Business Group which is a highly acclaimed global publishing economic intelligence on the markets of the Middle East, Africa, Asia and Latin America.
http://tourism9.com/
Aimed at facilitating investment in new businesses, the fund will enable SMEs to access liquidity from a new source, a vital step as finance coming from traditional means – specifically banks – remains one of the biggest obstacles to business expansion and job creation in the country.
In an October 24 press release, following the World Economic Forum’s Special Meeting on Economic Growth and Job Creation in the Arab World, the Jordan Enterprise Development Corporation (JEDCO), the European Investment Bank (EIB) and Abraaj Capital unveiled the details of the fund.
The $50m Jordan Growth Capital Fund will provide long-term financing and institutional support to up to 15 SMEs with high potential in fast-growth sectors such as technology.
JEDCO, EIB and Abraaj Capital will serve to anchor investors in the fund, which will be managed by an Amman-based team supported by the Riyada Enterprise Development (RED) platform, itself part of the Dubai-based Abraaj Capital Group’s $500m SME investment scheme.
“The Jordan Growth Capital Fund is the first venture capital fund targeting SMEs in the Kingdom,” said JEDCO Chief Executive Officer Yarub Qudah. “This initiative will play a major role in attracting international venture capital funds and foreign direct investors to invest in Jordanian SMEs.
“Moreover, it will help in encouraging Jordanians to establish their own venture capital funds that will create a new sector specialised in fund management activities,” he added.
JEDCO, in partnership with the EIB, spearheaded the Jordan Growth Capital Fund initiative in order to foster the development of the venture capital industry in the Kingdom. Abraaj Capital, which is investing $20 million in the fund, was also awarded the contract to manage it.
As the government’s national development and export promotion organisation, JEDCO helps Jordanian companies compete globally by fostering export opportunities in targeted regional and international markets. It also helps to enhance technical, logistic and administrative expertise.
“The fund is expected to make a key contribution to the emergence of the risk capital industry in Jordan with its talent pool and entrepreneurial energy,” Philippe de Fontaine Vive Curtaz, EIB’s vice president, told reporters.
“The successful launch of this fund is the result of over two years of close cooperation between EIB and JEDCO, and it sends a significant message to the market across the region,” he said.
The EIB, via its financial arm in the Mediterranean, the Facility for Euro-Mediterranean Investment and Partnership, provides support for economic and social development in the Mediterranean region.
The EIB’s involvement in the Jordan project is part of the bank’s annual €2 billion investment in the region, where it is planning to accelerate its investment in Jordan as well as Morocco, Tunisia and Egypt.
As of the end of 2010, the EIB had made overall investments of more than €12 bilion in Mediterranean countries.
In addition to RED, Abraaj Capital group, a private equity manager, oversees more than $6 billion in assets in the Middle East, Turkey, Asia and Africa.
“SMEs are the engine of the region’s future economic growth and a vital source of social and economic stability,” Mustafa Abdul Wadood, the chief executive officer of Abraaj Capital, said.
“Addressing the region’s employment challenge and fostering the growth of entrepreneurship clearly go hand in hand,” he added.
Abraaj has been helping to address these challenges in Jordan since 2002, when it bought into logistics company Aramex. Five years later, in 2007, the company realised a 75 per cent return from the sale to Yahoo! of its stake in Maktoob.com, an Arabic-language website.
“We like Jordan as an investment destination,” said Tom Speechley, a senior partner at Abraaj Capital, at the launch. “We think it’s very entrepreneurial… This will involve Jordanian investment managers investing in Jordanian entrepreneurs.”
RED also offers strategic support to SMEs, including assistance in gaining access to new markets and building and maintaining appropriate human resources and business practices.
In September, RED invested in Jordan’s d1g.com, one of the fastest-growing Arabic social media and content sharing platforms in the Middle East and North Africa region.
With one million subscribers and more than 4.8 milion unique visitors per month, d1g.com offers its target audience – Arab youth aged 12 to 25 – Arabic-language discussion forums and video and audio sharing, as well as entertainment content.
“It’s the best investment climate we’ve seen in our region in terms of pure investment opportunity, strong macroeconomic fundamentals and very little competing capital, meaning that asset prices are not in any way inflated,” Speechley said of Jordan.
“Despite the political turmoil, especially in the SME range, businesses continue to grow to serve the needs of the local market,” he added.
Writer is regional editor of Oxford Business Group which is a highly acclaimed global publishing economic intelligence on the markets of the Middle East, Africa, Asia and Latin America.
http://tourism9.com/
订阅：
博文 (Atom)