Dubai International Capital LLC (DIC), the international investment arm of Dubai Holding, and First Eastern Investment Group (First Eastern), the leading China private equity firm and the first Chinese investment bank to be established in the Dubai International Financial Centre (DIFC), announced today the launch of a new fund, China Dubai Capital, which will target opportunities in China's growing economy.
The fund is seen as an important initiative that will serve to strengthen and benefit from the rapidly-developing economic ties between China and the UAE.
Sameer Al Ansari, Executive Chairman and CEO of DIC said, 'We are pleased to partner with First Eastern to establish China Dubai Capital. First Eastern is the first Chinese financial institution to be established in the DIFC and has an unrivalled track record in direct investments in China. Through this fund, we will invest in feasible and profitable business opportunities in commercially-attractive sectors. The establishment of China Dubai Capital provides investors the opportunity to participate in a vehicle which will generate superior returns.'
Victor Chu, Chairman of First Eastern Investment Group, added, 'This is a unique opportunity to create a win-win situation for China and the UAE. Chinese companies are very attracted by the opportunities arising from the opening up of the Gulf region. The UAE, particularly Dubai, is strategically positioned as the natural gateway for GCC access, as well as for capital raising through its established securities markets. Our new fund will be in a great position to generate exciting returns from the synergies between these two regions.'
China Dubai Capital will invest in a wide range of vibrant sectors including infrastructure, resources, healthcare and services.
The first closing of the fund will take place in May 2008 with at least $500m from investors predominantly in Asia and the GCC.
The final closing is expected to take place in October bringing the fund up to $1bn. The General Partner of the fund is a joint venture between First Eastern and DIC.
China Dubai Capital is an important initiative within DIC's Emerging Markets division. Anand Krishnan, Chief Operating Officer of DIC, said, 'Our stated objective is for DIC's Emerging Markets division to manage assets in excess of $5bn in Asia, the Middle East and North Africa in the next three years. The launch of the China Dubai Capital Fund is a significant step towards achieving that goal and we look forward to capitalising on First Eastern's wealth of expertise and on-the-ground resources in the Far East. In addition, the development of such single-country funds is part of our strategy of diversifying our portfolio of investments to include a wide range of attractive asset classes.'
In addition to providing Chinese companies with growth capital, China Dubai Capital will complement their existing management teams with the additional management, legal and financial expertise and business network necessary to achieve superior investment returns.
Both DIC and First Eastern manage successful specific country funds. DIC manages Jordan Dubai Capital, a $300m investment fund which sources a wide range of transactions, ranging from financial services to power and real estate.
The company also recently announced plans to launch a single-country fund to target Private Equity opportunities in the Kingdom of Saudi Arabia. First Eastern currently manages over $1.5bn dedicated to direct investments in China and has recently launched a specific country fund, the Japan China Fund.
Over the last 20 years, First Eastern has established a strong network in China and has been instrumental in generating over US$5 billion in direct investments through its portfolio of over 100 projects across the region.
China and the UAE enjoy dynamic and positive bilateral relations. In April 2007, the two countries signed a Memorandum of Understanding aimed at developing economic relations.
The volume of trade between the UAE and China reached $20.4bn (Dhs74.9bn) in 2007, representing an increase of 41.2% on 2006. The UAE is home to nearly 200,000 Chinese people and more than 2,000 Chinese companies.
Dubai International Capital and First Eastern launch China Dubai Capital
China Dubai Capital will invest in Chinese companies which could create synergies with the UAE's economic growth and with the potential to be listed on the Dubai securities markets.
- United Arab Emirates: Monday, April 14 - 2008 at 17:05
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About Dubai International Capital LLC:Established in 2004, DIC is an international investment company focused on both private equity and public equity.
A wholly-owned subsidiary of Dubai Holding, DIC manages an international portfolio of diverse assets that provide its stakeholders with value growth, diversification, and strategic investments.
Assets under management total over S$12bn.
DIC Private Equity invests mainly in secondary buyouts in developed markets and has acquired businesses in a range of sectors in Europe and North America.
Acquisitions include the UK leisure company Tussauds Group for £800m (later merged with Merlin Entertainments; DIC retains a 20% stake), the UK engineering company Doncasters for £700m, the US engineering company FastenTech for $492m, the UK hotel chain Travelodge for £675m, the German industrial packaging manufacturer Mauser for €850m, the UK healthcare company Alliance Medical for £600m, and the German producer of specialty alumina Almatis.
DIC Global Equities makes structured investments in large-cap, global equities, either directly or via DIC's $2bn Global Strategic Equities Fund (GSEF).
The GSEF has acquired substantial stakes in HSBC, EADS, and Sony Corporation. DIC has directly invested in a 2.87% stake in the Indian financial services firm ICICI Bank.
DIC has also taken a strategic 9.9% stake in Och-Ziff, an alternative asset management firm based in New York.
DIC Emerging Markets invests in a range of asset classes in emerging markets. Private equity investments include significant stakes in the UAE-based luxury retailer Rivoli Group and Singapore-based True Group, a leading provider of wellness services in South East Asia in addition to a $200m investment in Oger Telecom, a leading regional telecom conglomerate. DIC has also established sector or country-specific investment funds such as Ishraq, a $150m investment company bringing the Holiday Inn Express brand to the Middle East; the $500m MENA Infrastructure Fund, which invests in infrastructure projects in the Middle East and North Africa, and Jordan Dubai Capital, a $300m investment company that targets private equity opportunities in Jordan.
DIC is a founding shareholder of Dubai Aerospace Enterprise and has a joint venture with CBRE that provides real estate asset management services.
DIC Asset Management (DICAM) arranges and promotes the investment funds. DICAM is regulated by the Financial Services Authority and holds a Category 4 licence.
DIC contributes to filling the equity gap faced by regional entrepreneurs through its fully-owned subsidiary, the Arab Business Angels Network (ABAN).
ABAN acts as a link between entrepreneurs and Angel Investors and aims to complement the economic development objectives of the Arab world by facilitating the development of creative and productive entrepreneurial ventures.
Additional information about the Arab Business Angels Network is available at: www.aban.ae.
Information about Dubai International Capital LLC is available at: www.dubaiic.com.
First Eastern Investment Group:
First Eastern is a leading Hong Kong-based investment group pioneering in the field of direct investments in China. Founded by Victor Chu in 1988, First Eastern has offices in Hong Kong, Beijing, Shanghai, Dubai and Bahrain.
First Eastern and its associates have invested into some 100 projects in China covering infrastructure projects, light industries, real-estate development and financial services.
Victor Chu is the Chairman of First Eastern Investment Group. He is also Chairman of First Eastern Investment Bank Limited and FE Securities Limited.
Over the last 20 years, Victor Chu has served at various times as Director and Council Member of the Hong Kong Stock Exchange, Member of the Hong Kong Takeovers and Mergers Panel, Advisory Committee Member of the Securities and Futures Commission, and part-time member of Hong Kong Government's Central Policy Unit. Mr. Chu is currently a Foundation Board Member of the World Economic Forum in Geneva and co-chairs the Forum's International Business Council. He is also an Executive Board Member of the Paris-based International Chamber of Commerce and chairs the ICC Commission on Financial Services and Insurance on a worldwide basis.
Dubai International Capital LLC
Jehad Saleh
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Maliha Aqeel
Jiwin
Exclusive Affiliate of Burson-Marsteller in the Middle East
Tel: +9714-3613598
Fax: +9714-3688001
Brunswick for First Eastern Investment Group:
Joseph Chi Lo (Hong Kong)
Tel: +852 9850 5033
Posted by Lara Lynn Golden, News EditorMonday, April 14 - 2008 at 17:05 UAE local time (GMT+4)
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