Prince Alwaleed to invest in Africa

Kingdom Holding Company (KHC), chaired by Prince Alwaleed Bin Talal Bin Abdulaziz Alsaud, and PineBridge Investments Middle East, an asset management firm, have signed a memorandum of understanding (MoU) to  establish a joint venture to invest in  direct private equity opportunities in Africa.

A press statement said the MoU was signed by Dr. Adel Alsayed, KHC’s Executive Director for Private Equity and International Investments, and Talal Al Zain, Chief Executive Officer of PineBridge Investments Middle East.

The joint venture between KHC and PineBridge Investments Middle East will invest in African companies, in response to rising investor demand for exposure to the continent’s fast growing economies. Key focus sectors include manufacturing, consumer driven sectors, infrastructure, financial services and other sectors.

Prince Alwaleed said: “The investment in this platform is a continuation of KHC’s successful investment strategy in Africa that began in 2003, and reflects our confidence in achieving long-term returns for investors in this venture.”

Al Zain said: “We have strong conviction that the African continent is going through positive socio-economic transformations. PineBridge Investments has a long track record of direct investing in Africa since the 1990s, with extensive experience in sectors including infrastructure, banking and consumer industries.  The firm has offices in South Africa, Kenya and Uganda, investing in equities, credit and private markets.”
 

Follow Emirates 24|7 on Google News.