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29620
Tue, 11/11/2008 - 17:15
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http://m.oananews.org//node/29620
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Mubadala infrastructure partners announces first closing of regional fund
Abu Dhabi, Nov 11, 2008 (WAM) - Mubadala Infrastructure Partners Ltd (MIP), a joint venture between Mubadala Development Company PJSC (Mubadala), GE and Credit Suisse announced yesterday the first closing of its regional infrastructure fund, Mubadala Infrastructure Partners ("the Fund") in the amount of US$ 300 million.
MIP, as the manager of the Fund, will invest in a range of infrastructure projects and assets in the Gulf Cooperation Council (GCC) countries, the Middle East and North Africa (MENA) region, and Turkey. The Fund will focus on infrastructure sectors including: power, water, utilities, social infrastructure, telecommunication infrastructure and transportation. Mubadala, GE and Credit Suisse are the principal investors and sponsors of the Fund, together with a number of regional and international institutional and industrial investors.
"The Fund is an important vehicle that allows for local and international institutional investment participation in regional infrastructure," said Waleed Al Mokarrab Al Muhairi, Chairman of MIP. "The development of the infrastructure sector is and will continue to be a critical driver of economic growth in the region. This first closing is a testament to the strength of our partnership with GE and Credit Suisse as well as the interest level from regional and international investors in the asset class and the region." MIP, established in 2007, as the manager of the Fund, is operating from Abu Dhabi. According to various industry sources, infrastructure spending in the region is expected to be in excess of US$ 500 billion over the coming 10 years to accommodate the growing demands of the economies and the populations in the GCC and MENA regions. Utilities and transportation feature as the fastest growing segments of the infrastructure sector. A recent estimate from McKinsey estimates that about US$175 billion was spent on infrastructure development in the GCC alone in 2007.
"We are actively pursuing transactions throughout the region with an emphasis on investments in development and operating assets and businesses," said Philip Haddad, Chief Executive Officer of MIP. "Our comparative advantage lies in the flexibility of our business model, our extensive relationships and our team." "GE has a growing presence in the region and this fund will help us expand and capitalize on opportunities there, as well as continue to build the strategic relationship with Mubadala announced last summer," said Aris Kekedjian, GE Officer and President and Chief Executive Officer for GE Capital - Middle East '&' Africa.
"Our partnership in Mubadala Infrastructure Partners underscores our commitment to the region, and we believe the MENA region continues to be a good place in which to invest, given the strength of its economy and infrastructure development plans. We look forward to deepening our relationships with our investor partners going forward," said Charles Pieper, Vice Chairman of Alternative Investments at Credit Suisse.
Mubadala Development Company (Mubadala) is a Public Joint Stock Company headquartered in Abu Dhabi, capital of the United Arab Emirates. Its focus is on developing and managing an extensive and economically diverse portfolio of commercial initiatives. It does this either independently or in partnership with leading international organizations. Mubadala's commercial strategy is fundamentally built on long-term capital intensive investments that deliver strong financial returns.
With the Government of the Emirate of Abu Dhabi being Mubadala's sole shareholder, the company manages a multi-billion dollar portfolio of local, regional, and international investments, projects and initiatives. Through its investment and development projects, Mubadala is both a catalyst for, and a reflection of, the drive for economic diversification of the Emirate of Abu Dhabi. Its impact is evident domestically and internationally in sectors such as energy, aerospace, real estate, healthcare, technology, infrastructure, and services.
MIP, as the manager of the Fund, will invest in a range of infrastructure projects and assets in the Gulf Cooperation Council (GCC) countries, the Middle East and North Africa (MENA) region, and Turkey. The Fund will focus on infrastructure sectors including: power, water, utilities, social infrastructure, telecommunication infrastructure and transportation. Mubadala, GE and Credit Suisse are the principal investors and sponsors of the Fund, together with a number of regional and international institutional and industrial investors.
"The Fund is an important vehicle that allows for local and international institutional investment participation in regional infrastructure," said Waleed Al Mokarrab Al Muhairi, Chairman of MIP. "The development of the infrastructure sector is and will continue to be a critical driver of economic growth in the region. This first closing is a testament to the strength of our partnership with GE and Credit Suisse as well as the interest level from regional and international investors in the asset class and the region." MIP, established in 2007, as the manager of the Fund, is operating from Abu Dhabi. According to various industry sources, infrastructure spending in the region is expected to be in excess of US$ 500 billion over the coming 10 years to accommodate the growing demands of the economies and the populations in the GCC and MENA regions. Utilities and transportation feature as the fastest growing segments of the infrastructure sector. A recent estimate from McKinsey estimates that about US$175 billion was spent on infrastructure development in the GCC alone in 2007.
"We are actively pursuing transactions throughout the region with an emphasis on investments in development and operating assets and businesses," said Philip Haddad, Chief Executive Officer of MIP. "Our comparative advantage lies in the flexibility of our business model, our extensive relationships and our team." "GE has a growing presence in the region and this fund will help us expand and capitalize on opportunities there, as well as continue to build the strategic relationship with Mubadala announced last summer," said Aris Kekedjian, GE Officer and President and Chief Executive Officer for GE Capital - Middle East '&' Africa.
"Our partnership in Mubadala Infrastructure Partners underscores our commitment to the region, and we believe the MENA region continues to be a good place in which to invest, given the strength of its economy and infrastructure development plans. We look forward to deepening our relationships with our investor partners going forward," said Charles Pieper, Vice Chairman of Alternative Investments at Credit Suisse.
Mubadala Development Company (Mubadala) is a Public Joint Stock Company headquartered in Abu Dhabi, capital of the United Arab Emirates. Its focus is on developing and managing an extensive and economically diverse portfolio of commercial initiatives. It does this either independently or in partnership with leading international organizations. Mubadala's commercial strategy is fundamentally built on long-term capital intensive investments that deliver strong financial returns.
With the Government of the Emirate of Abu Dhabi being Mubadala's sole shareholder, the company manages a multi-billion dollar portfolio of local, regional, and international investments, projects and initiatives. Through its investment and development projects, Mubadala is both a catalyst for, and a reflection of, the drive for economic diversification of the Emirate of Abu Dhabi. Its impact is evident domestically and internationally in sectors such as energy, aerospace, real estate, healthcare, technology, infrastructure, and services.
