Millennium Finance Corporation launches USD1 billion Global Energy Fund

The conference was carried out under the patronage of H.E. Dr Mohammad Khalfan Bin Kharbash Minister of State for Finance and Industry and Chairman of Dubai Islamic Bank and H.E. Sultan Ahmed Bin Sulayem Chairman of Dubai World, representing the sponsors of this initiative. This comes just six months after their preliminary announcement to launch the USD5 billion private equity initiative.

The Global Energy Fund has been set up to handle exceptional opportunities resulting from the booming demand witnessed currently in China and India; while the Telecommunications, Media and Technology Fund has been established to meet unexploited growth opportunities emanating from the Middle East, Africa and Asia due to low penetration and prospective GDP growth.

Millennium Finance Corporation also announced the first close for fundraising of the Global Energy and Telecom, Technology & Media funds within the next month.

Welcoming the attendance at the press conference, Mr. Keba Keinde, CEO of Millennium Finance Corporation, said "We are extremely privileged to have the full support of H.E. Dr Mohammad Khalfan Bin Kharbash, Minister of State for Finance and Industry and Chairman of Dubai Islamic Bank and H.E. Sultan Ahmed Bin Sulayem, Chairman of Dubai World, for the launch of the first two out of seven sector-specific funds".

He added,

"Millennium Private Equity differentiates itself from other private equity initiatives in a number of ways. Its funds are sector specific, Sharia compliant, focused on Middle East - Africa - Asia, the fastest growing region in the world, managed by experienced sector specialists with a unique track record based in Dubai, supported by very influential and well-connected board members, with the size required to participate in large transactions, with corporate governance standards in line with European and US counterparts, and mechanisms to provide liquidity to its investors".

H.E. Dr Mohammad Khalfan Bin Kharbash said, "We are proud to sponsor the launch of the largest and most comprehensive Sharia-compliant private equity platform in the Middle East. By pooling their resources together, investors from the Middle East will have access to highly visible and profitable transactions on a global basis".

H.E. Sultan Ahmed Bin Sulayem said in a statement on the occassion, "This project will raise one of the largest and highest profile family of funds in the world and is a manifestation of Dubai's position as a leading financial center. This USD5 billion family of private equity funds will be leveraged to complete transactions in excess of USD10 billion. These funds will offer institutions and high net worth individuals the rare opportunity to acquire stakes in private companies that operate in some of the most strategic industry sectors globally and will provide a viable alternative to stock market investments".

Commenting on the occasion, Saad Abdul Razak, CEO of Dubai Islamic Bank said, "DIB has been and will continue to be at the forefront of the rapidly growing Islamic finance industry. Like Millennium Finance Corporation, which was created one year ago and is today the most credible alternative to the international investment banks for leading institutions in the Middle East, we expect Millennium Private Equity to become a successful competitor to the global private equity firms and generate superior returns".

The additional five sector-specific funds set to be launched within the next 12 months are Infrastructure, Financial Institutions, General Industrial, Real Estate and Health & Education, with the Financial Institutions Fund to be launched in the first quarter of 2007.