25 Jan 2011
(MENAFN) Abraaj Capital and Saudi Arabian General Investment Authority (SAGIA), announced on the sidelines of the 5th Global Competitiveness Forum (GCF) that they are planning on initiating a $533 million investment platform dedicated exclusively to investing in Saudi Arabia, reported Arab News.
Amr Al-Dabbagh, governor of SAGIA, and Arif Naqvi, founder and group CEO of Abraaj Capital, said that the platform would focus on investing across a variety of asset classes including private equity, small-and-medium sized enterprises (SMEs), real estate, and public equities.
Both managers said that despite the global crisis, the fundamental macroeconomic environment in Saudi Arabia remains strongly supported by favorable demographic trends, reform-oriented policies, and prudent use of hydrocarbon liquidity to ensure long-term economic growth.
It is worth noting that the Capital Markets Authority (CMA) among other regulators still need to provide necessary regulatory clearances and approvals for the plan to initiate the $533 million investment platform.
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