DIC sells stake in fund

$300m Mena infrastructure fund sold to Islamic investment firm Fajr Capital

Dubai International Capital (DIC), the private equity arm of Dubai Holding, sold its stake in a $300 million Middle East North Africa infrastructure fund to Islamic investment firm Fajr Capital.

Fajr, which is backed by prominent investors such as Abu Dhabi Investment Council and Malaysia's state investor Khazanah Nasional Berhad, will manage the fund along with its two other partners HSBC Holdings and Waha Capital, it said in a statement on Monday.

All the three partners will have equal ownership stake in the fund post the deal, one source familiar with the matter said.

The Mena Infrastructure Fund was formed in 2007 to invest in infrastructure and energy projects in the Middle East and North Africa. At the time of launch, the three sponsors of the fund had committed $50 million each as initial investment.

The fund has investments in Alexandria International Container Terminals (AICT) and Muscat-listed United Power Co, according to its website.

DIC aims to raise more than $150 million from asset sales in 2012, its chief executive said in April.

It sold hotel operator Ishraq Dubai to Almulla Group in October last year and exited its 45-per cent stake in valve maker KEF Holdings.

Fajr Capital has $700 million in committed capital, it said in the statement.

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