Saudi Arabia’s sovereign wealth fund, the Public Investment Fund, will become a major investor in an infrastructure fund launched by Bahrain’s Investcorp and Aberdeen Standard Investments.
Investcorp said Aberdeen Standard Investcorp Infrastructure Partners had received capital commitments from the $430 billion Public Investment Fund for up to 20% of the fund’s total size prior to its planned initial closing.
The statement did not specify the size of the fund, but the Financial Times reported Wednesday that it could reach $800 million and that its first closing would be $250 million.
The statement said that the new fund also received approval from the board of directors of the Asian Infrastructure Investment Bank for a pledge of $90 million.
The statement says that other global investment institutions, including pension funds, insurance companies, endowments, family offices and private clients, may join the fund.
Aberdeen Standard Investcorp Infrastructure Partners aims to contribute to the post-Covid-19 economic recovery and reforms in countries across the GCC and broader MENA region by investing in sustainable infrastructure projects. Investcorp is a global alternative investment manager with assets under management of $35.4 billion.
On the other hand, two well-informed sources said that the Middle East investment fund Investcorp is considering a general sale of the Saudi Al-Borg Medical Laboratories.
The sources added that Investcorp invited banks to compete for roles in the planned listing of the tower, one of the largest private medical laboratory chains in the Gulf.
One of the sources said Investcorp could raise about $200 million from the initial public offering of the laboratory company, which has done well in the wake of the coronavirus pandemic.
Investcorp bought its stake in the tower in 2016 and both companies said at the time that the investment would help the tower expand in the kingdom and elsewhere in the region.
Al-Borg has more than 60 laboratories in eight countries in the Gulf region and Africa, according to its website. The company provides laboratory medical analysis services to hospitals, clinics, companies and individuals.
Follow the economic statement via Google News