Ithmar set to launch $1bn fund in second half of year

Ithmar Capital, a Dubai-based private equity firm, expects to launch a $1 billion (Dh3.67bn) fund this year that will focus on the Gulf region, a company executive said yesterday.

"We plan to launch Ithmar Fund 3 in the second half of this year, targeting around $1 billion," said Faisal Belhoul, Ithmar's co-founder and managing director, on the sidelines of a conference.

Belhoul said the firm's transactions would be invested in GCC-based companies. "It will be consistent with our investment strategy of multi-sectors, such as construction, oil and gas services, healthcare and education," he said.

Ithmar already manages more than $500 million through its first two funds, Belhoul said.

The existing funds have attracted more than 33 high-profile investors including government institutions such as sovereign wealth funds from the UAE, Qatar and Bahrain, Belhoul said.

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