Bahrain-based Investcorp plans to launch a $500 million Saudi Arabian fund to invest in private companies that will be eventually listed on the Saudi bourse, its co-chief executive said on Tuesday.
Investcorp also plans to list its fifth Saudi company in its current portfolio on the Tadawul bourse in 2022, Hazem Ben-Gacem told Reuters in Riyadh on the sidelines of the kingdom’s flagship investment conference, FII.
“First of all the local Saudi economy is very solid and very robust and that is translating into very solid performances of local businesses,” he said, adding capital markets are also strong.
Reuters reported in June that Investcorp planned to list Saudi Arabia’s Al Borg Medical Laboratories, citing sources familiar with the matter.
Investcorp, which manages $38 billion in assets, expects to hit its medium-term target of $50 billion assets under management ahead of the 2023 target and should be on “a good trajectory” towards the next target of $100 billion.
The firm focuses on private equity, real estate, credit management and absolute return investments.
Ben-Gacem said Investcorp also plans to launch a Real Estate Investment Trust (REIT) based on assets from the Gulf region which could be listed in nine to 12 months.
He did not disclose the venue for the listing, but said there was strong appetite for Sharia-compliant real estate assets in Asia particularly in Southeast Asia.