Dubai Islamic Bank and state holding company Dubai World, have announced plans to launch private-equity funds worth $5 billion in the energy, media and telecoms, and real estate sectors.The seven funds - which will also invest globally in infrastructure, financial institutions and industrials as well as health and education - will be launched over the next 18 months, according to a bank statement.
Saad Abdul Razak, the bank's CEO said, "This project provides a unique investment opportunity to investors from the (Gulf) and beyond to participate in highly profitable and visible transactions that are expected to generate returns in excess of 20 to 25 per cent".
The Gulf Daily News reports the funds' advisers will include Norton Rose and Baker McKenzie as legal advisers, Ernst & Young as auditors and the Bank of New York as escrow agent.
