Swicorp plans $200m investment

A unit of Saudi financial advisory and private equity firm Swicorp expects to invest $200 million (Dh734m) by the end of 2008 in energy-related companies and projects, a company official said yesterday.

"The target of the fund is to invest $200m by the end of this year. So far we have invested around $358m," Faysal Hamza, executive director of the energy-focused Swicorp Joussour fund, said.

The fund has 2.67 billion riyal ($712 million) in capital.

"We are in the centre of the energy world and we see growth in the market," he said, without being more specific.

Swicorp, in which Savola Group is a shareholder, plans to expand in the region.

Swicorp, which has offices in six cities in Europe, the Middle East and North Africa, now plans to open an office in Cairo soon.

The company has raised over $1 billion in three private equity funds since 2004, according to its website.

Earlier in the day, Swicorp announced that its wholly-owned subsidiary, Swicorp (UAE) Limited, has received authorisation from the Dubai Financial Services Authority (DFSA) as a financial advisory firm to operate from the free zone.

Abdulla Al Awar, Managing Director of DIFC Authority said, "With the Middle East's financial services market growing exponentially, this is the opportune time for leading firms like Swicorp to expand their presence in the region."

Kamel Lazaar, Chairman and Chief Executive Officer of Swicorp KSA said: "Swicorp is looking forward to bringing its expertise to the UAE market. We are already well positioned with 23 team members stationed in Dubai.

"This licence granted by the DFSA is a positive step for Swicorp to establish a strong presence in the UAE."

Nabil Triki has been appointed as Senior Executive Officer for Dubai.

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