Emirates Post has issued a set of commemorative stamps to celebrate 30 years of Emirates Bank, one of the UAE's leading banks. The stamps, issued in four denominations (Dh 1, Dh1.50, Dh3 and Dh3.50), are available at all post offices in the UAE. In addition, First Day Covers of Dh 10 and souvenir sheets of Dh 15 are available at the philatelic counters in Karama, Deira and Abu Dhabi post offices.
Abdulla Al Daboos, Director General of Emirates Post, said, "Emirates Bank has made a strong mark on the region's banking sector. In just 30 years, it has emerged as one of the major banking corporations with diversified products, making an effective contribution to the nation's growth. Emirates Post is pleased to salute Emirates Bank through these special stamps." Emirates Bank was established 30 years ago through a decree issued by Sheikh Rashid Bin Saeed Al Maktoum under the name Union Bank of the Middle East, which was later renamed Emirates Bank International, following its merger with Dubai Bank Ltd and Emirates National Bank Ltd. Sulaiman Al Mazroui, Chief Manager Group Affairs, Emirates Bank, said, "We highly appreciate that Emirates Post has issued commemorative stamps to mark Emirates Bank 30th anniversary celebrations. We are proud that we have been successful over these years and have grown from a small local bank into one of the largest and most profitable financial institutions in the region".
Today, Emirates Bank's range of products and services encompasses conventional and Islamic commercial banking, investment services, property development, insurance, credit card and brokerage services. The bank's network covers regional and international markets, including Riyadh, London, Tehran, Mumbai and Singapore. The bank has also established strategic alliances by acquiring a stake in Bank of Beirut and Al Baraka Banking Group.
Emirates Bank has also been active in launching major business initiatives to boost the national economy and has taken part in the financing of the nation's major projects. It also launched the Al Tomooh Scheme for financing young entrepreneurs, as well as supported different educational, philanthropic, sporting and cultural activities. (Emirates News Agency, WAM)
26.8.07
Dubai to Pay $5.1 Billion for MGM, Vegas Hotel Stakes
Dubai to Pay $5.1 Billion for MGM, Vegas Hotel Stakes
Dubai will invest as much as $5.1 billion in Kirk Kerkorian's MGM Mirage, giving the Las Vegas casino company a partner as it expands into real estate.
The investment helps the 90-year-old Kerkorian, who owns 54 percent of MGM, branch into hotels and condominiums as the company pursues wealthy travelers around the world. It adds to Dubai's $13.5 billion in planned acquisitions this year as the Persian Gulf state spends cash from an oil-fueled economic boom.
MGM ``is talking to partners who can help them transition from a heavy, capital-intensive business to a management business,'' said Chris Wiles, portfolio manager at Allegiant Asset Management in Pittsburgh, which owns about 300,000 MGM shares. In Dubai, ``they've got some willing-and-able buyers.''
Dubai World, owned by the government, said today that it will pay $84 each for as many as 28.4 million shares of MGM, 13 percent more than yesterday's closing price. It will invest $2.7 billion for a stake in CityCenter, a hotel and casino complex in Las Vegas, and MGM will use the cash to pay down debt.
``One of the issues that concerned me was the size of our debt'' to build CityCenter, a $7.4 billion project set to open in 2009, MGM Chief Executive Officer Terry Lanni said today. Dubai's cash will shave $3.9 billion off MGM's liabilities, he said.
MGM advanced $6.62, or 8.9 percent, to $80.94 at 4 p.m. in New York Stock Exchange composite trading for the biggest gain since May. The stock has more than doubled in the past 12 months.
Tender Offer
Dubai will purchase half the 9.5 percent stake from MGM's treasury and half from other investors via a public tender offer. Standard & Poor's Ratings Services said it may upgrade the BB rating on MGM's debt because of Dubai World's investment.
The price ``is a bargain for Dubai,'' said Larry Klatzkin, an analyst at Jefferies & Co. in New York, who has a ``buy'' rating on MGM stock and a target price of $112. ``Dubai is a passive and positive investor.''
MGM, the world's second-largest casino company, owns the Mirage, Luxor and Bellagio among its properties on the Las Vegas Strip. Its second-quarter profit more than doubled on increased condominium sales and higher spending at resorts.
Kerkorian, who was an investor in the Metro-Goldwyn-Mayer Inc. movie studio in the 1970s, bought and sold the studio three times over the years. In 1981, he opened the MGM Grand casino, building it into the world's largest, and in 2000 acquired Mirage Resorts Inc., owner of the Bellagio, for $6.4 billion.
Kerkorian Offer
In November, Kerkorian offered to buy as many as 15 million MGM shares for $55 each in a tender offer. The announcement drove the stock 16 percent higher. He ultimately purchased fewer than 450,000 shares.
In May, Kerkorian said he was considering ``alternatives'' for his stake in MGM, triggering a wave of interest in the company and sending the shares up 37 percent. A month later, he abandoned those plans, damping speculation that the company would be sold.
``It's very telling that Kerkorian didn't sell anything,'' Wiles said. ``He thinks it's a company headed in the right direction.''
Dubai will pay MGM an additional $100 million if the CityCenter project is completed on time and on budget. It also has an option to raise its MGM holding to 20 percent, and ``would like to go there once our gaming board approvals come,'' Dubai World Chairman Sultan Ahmed Bin Sulayem said in an interview.
High-End Market
``MGM is the No.1 entertainment company in Las Vegas,'' bin Sulayem said today. ``We're attracted to the high-end hotels market, and Las Vegas is high-end and high-growth.''
Gambling revenue on the Las Vegas Strip, the city's main casino corridor, climbed 5.9 percent to $6.75 billion for the year that ended July, according to the State of Nevada Gaming Control Board. That followed a 15 percent gain a year earlier.
MGM owns and operates 17 casinos in Nevada, Mississippi and Michigan and is involved in three joint ventures. Harrah's Entertainment Inc. is the biggest casino company by revenue.
Dubai World manages a range of businesses for the government, including the palm tree-shaped islands off the Gulf emirate's coastline. It owns container-port operator DP World and private-equity firm Istithmar, which this month paid $942.3 million to buy Barneys New York from Jones Apparel Group Inc.
Dubai's investment in MGM will give the casino company access to the wealthy Middle Eastern, Indian and Russian real- estate investors who are buying property in Dubai World's developments. They may also be interested in Las Vegas condominiums, Lanni said.
Marketing Potential
``We see a lot of cross marketing possibilities,'' he said, adding that MGM may eventually develop its own projects in Dubai.
Gambling is banned in the United Arab Emirates and Gulf states including Saudi Arabia and Kuwait because it contravenes Islamic Shariah law.
Through Istithmar, Dubai World owns 13 percent of Kerzner International Ltd., according to its Web site. Kerzner owns the Atlantis resort in its hometown of Paradise Island, Bahamas, and is building another in Dubai. Kerzner also will jointly develop a resort on the Las Vegas Strip with MGM.
``Through our Kerzner investment we're already into gambling, so this shouldn't come as a surprise,'' bin Sulayem said today. ``The important thing is that MGM's non-gambling revenue is rising.''
MGM is expanding into real-estate development and standalone hotels without casinos in Nevada, China and Abu Dhabi in the United Arab Emirates. The company owns 760 acres (308 hectares) on the Las Vegas strip and has contributed 40 acres to a joint venture with Kerzner International Ltd.
It was through the company's chairman, Sol Kerzner, that bin Sulayem approached MGM about buying a stake, Lanni said in an interview. The first talks were held in June on the Italian island of Sardinia, where both Lanni and bin Sulayem were attending a party hosted by billionaire investor Thomas Barrack.
The MGM deal is being made through Infinity World Development Corp., a new unit set up for that purpose.
Credit Suisse Securities was Dubai World's financial adviser. UBS Investment Bank advised MGM.
Selected from a report by Oliver Staley and Will McSheehy
Dubai will invest as much as $5.1 billion in Kirk Kerkorian's MGM Mirage, giving the Las Vegas casino company a partner as it expands into real estate.
The investment helps the 90-year-old Kerkorian, who owns 54 percent of MGM, branch into hotels and condominiums as the company pursues wealthy travelers around the world. It adds to Dubai's $13.5 billion in planned acquisitions this year as the Persian Gulf state spends cash from an oil-fueled economic boom.
MGM ``is talking to partners who can help them transition from a heavy, capital-intensive business to a management business,'' said Chris Wiles, portfolio manager at Allegiant Asset Management in Pittsburgh, which owns about 300,000 MGM shares. In Dubai, ``they've got some willing-and-able buyers.''
Dubai World, owned by the government, said today that it will pay $84 each for as many as 28.4 million shares of MGM, 13 percent more than yesterday's closing price. It will invest $2.7 billion for a stake in CityCenter, a hotel and casino complex in Las Vegas, and MGM will use the cash to pay down debt.
``One of the issues that concerned me was the size of our debt'' to build CityCenter, a $7.4 billion project set to open in 2009, MGM Chief Executive Officer Terry Lanni said today. Dubai's cash will shave $3.9 billion off MGM's liabilities, he said.
MGM advanced $6.62, or 8.9 percent, to $80.94 at 4 p.m. in New York Stock Exchange composite trading for the biggest gain since May. The stock has more than doubled in the past 12 months.
Tender Offer
Dubai will purchase half the 9.5 percent stake from MGM's treasury and half from other investors via a public tender offer. Standard & Poor's Ratings Services said it may upgrade the BB rating on MGM's debt because of Dubai World's investment.
The price ``is a bargain for Dubai,'' said Larry Klatzkin, an analyst at Jefferies & Co. in New York, who has a ``buy'' rating on MGM stock and a target price of $112. ``Dubai is a passive and positive investor.''
MGM, the world's second-largest casino company, owns the Mirage, Luxor and Bellagio among its properties on the Las Vegas Strip. Its second-quarter profit more than doubled on increased condominium sales and higher spending at resorts.
Kerkorian, who was an investor in the Metro-Goldwyn-Mayer Inc. movie studio in the 1970s, bought and sold the studio three times over the years. In 1981, he opened the MGM Grand casino, building it into the world's largest, and in 2000 acquired Mirage Resorts Inc., owner of the Bellagio, for $6.4 billion.
Kerkorian Offer
In November, Kerkorian offered to buy as many as 15 million MGM shares for $55 each in a tender offer. The announcement drove the stock 16 percent higher. He ultimately purchased fewer than 450,000 shares.
In May, Kerkorian said he was considering ``alternatives'' for his stake in MGM, triggering a wave of interest in the company and sending the shares up 37 percent. A month later, he abandoned those plans, damping speculation that the company would be sold.
``It's very telling that Kerkorian didn't sell anything,'' Wiles said. ``He thinks it's a company headed in the right direction.''
Dubai will pay MGM an additional $100 million if the CityCenter project is completed on time and on budget. It also has an option to raise its MGM holding to 20 percent, and ``would like to go there once our gaming board approvals come,'' Dubai World Chairman Sultan Ahmed Bin Sulayem said in an interview.
High-End Market
``MGM is the No.1 entertainment company in Las Vegas,'' bin Sulayem said today. ``We're attracted to the high-end hotels market, and Las Vegas is high-end and high-growth.''
Gambling revenue on the Las Vegas Strip, the city's main casino corridor, climbed 5.9 percent to $6.75 billion for the year that ended July, according to the State of Nevada Gaming Control Board. That followed a 15 percent gain a year earlier.
MGM owns and operates 17 casinos in Nevada, Mississippi and Michigan and is involved in three joint ventures. Harrah's Entertainment Inc. is the biggest casino company by revenue.
Dubai World manages a range of businesses for the government, including the palm tree-shaped islands off the Gulf emirate's coastline. It owns container-port operator DP World and private-equity firm Istithmar, which this month paid $942.3 million to buy Barneys New York from Jones Apparel Group Inc.
Dubai's investment in MGM will give the casino company access to the wealthy Middle Eastern, Indian and Russian real- estate investors who are buying property in Dubai World's developments. They may also be interested in Las Vegas condominiums, Lanni said.
Marketing Potential
``We see a lot of cross marketing possibilities,'' he said, adding that MGM may eventually develop its own projects in Dubai.
Gambling is banned in the United Arab Emirates and Gulf states including Saudi Arabia and Kuwait because it contravenes Islamic Shariah law.
Through Istithmar, Dubai World owns 13 percent of Kerzner International Ltd., according to its Web site. Kerzner owns the Atlantis resort in its hometown of Paradise Island, Bahamas, and is building another in Dubai. Kerzner also will jointly develop a resort on the Las Vegas Strip with MGM.
``Through our Kerzner investment we're already into gambling, so this shouldn't come as a surprise,'' bin Sulayem said today. ``The important thing is that MGM's non-gambling revenue is rising.''
MGM is expanding into real-estate development and standalone hotels without casinos in Nevada, China and Abu Dhabi in the United Arab Emirates. The company owns 760 acres (308 hectares) on the Las Vegas strip and has contributed 40 acres to a joint venture with Kerzner International Ltd.
It was through the company's chairman, Sol Kerzner, that bin Sulayem approached MGM about buying a stake, Lanni said in an interview. The first talks were held in June on the Italian island of Sardinia, where both Lanni and bin Sulayem were attending a party hosted by billionaire investor Thomas Barrack.
The MGM deal is being made through Infinity World Development Corp., a new unit set up for that purpose.
Credit Suisse Securities was Dubai World's financial adviser. UBS Investment Bank advised MGM.
Selected from a report by Oliver Staley and Will McSheehy
22.8.07
Private Equity Shows Robust Growth - KSA Kingdom of Saudi Arabia
Private Equity Shows Robust Growth - KSA
Private equity in the MENA region in general and the GCC in particular has continued its robust growth in 2006 and 2007 on the fund raising front, as well as fund sizes, according to Kuwait-based Global Investment House (Global).
This growth was made possible due to a lot of factors, mainly the increase in liquidity in the GCC region on the back of the recent surge in high oil prices. Other factors that contributed to the private equity rise relates to the governments' initiatives to foster this sector through privatizations, also the efforts exerted by fund managers and investment firms to encourage private equity as means of financing.
The GCC countries have also realized the importance of involving the private sector in this restructuring, so privatization has also played a pivotal part in the process. The diversification of their economic bases has most importantly led the GCC countries on a race toward the "financial capital of the GCC," thus easing regulations in terms of foreign interests in the regional financial sector. This has provided the right catalysts for the GCC economies to embark on restructuring their financial sectors, hence new regulations were imposed, financial systems were upgraded to allow for new financial instruments, and a myriad of financial companies have launched their products in the region. These recent trends in the GCC, had a positive spill-over effects on the Middle East and North Africa (MENA) regions. MENA countries have adopted "openness" to their economic and financial sectors, which gave cash rich private equity managers the incentive to seek investment opportunities within the region. To that end, private equity funds that invest in the MENA region have increased tremendously in numbers and sizes, whereby $13 billion in private equity capital are currently under management in the region and has been raised in 2005 and 2006.
As per a recent report produced by the Gulf Venture Capital Association in collaboration with KPMG, data extracted from Zawya, a leading source for financial data in the MENA, on private equity indicates that the total capital raised by private equity funds in 2006 reached $7.075 billion. This has increased by 61.6 percent from its level in 2005 of $4.379 billion.
Sizes of private equity funds in the MENA region have also exhibited an increase, where total fund sizes have reached the $14 billion mark, and as of June 2007 the fund size is at $9 billion. These are significant developments in the MENA private equity sector given that the total fund size was at $78 million in 2001, an increase of 121 folds. Two important reasons for this surge in fund sizes, the first relates to the increase in the number of private equity funds in the region, and the other relates to the increase in the sizes of the funds in the MENA region.
Throughout the period of 1994-2007, the majority of the private equity funds in the MENA region are in the "Investing" phase, where 55 funds with a total size value of $12.717 billion, 40.6 percent of total value, are classified as part of the group. Funds that are in the "fund raising" stage throughout the same period in the MENA region constituted 28.3 percent of total value of funds. Fully vested private equity funds in the MENA have a combined total of $629 million, two percent of total fund sizes, while funds that are in the liquidation process are only two, and they have a combined value of $58 million. Announced private equity funds in the MENA region through 1994-2006 are concentrated in the years 2006 and 2007, and they have a combined size of $3.842 billion, which constitutes 12.3 percent of the total fund sizes of private equity funds in the region. Closed funds, on the other hand, constitute a mere 1.8 percent of the total size of private equity funds in the MENA region with a combined value of $554 million.
selected from (MENAFN - Arab News) KUWAIT, 23 July 2007
Private equity in the MENA region in general and the GCC in particular has continued its robust growth in 2006 and 2007 on the fund raising front, as well as fund sizes, according to Kuwait-based Global Investment House (Global).
This growth was made possible due to a lot of factors, mainly the increase in liquidity in the GCC region on the back of the recent surge in high oil prices. Other factors that contributed to the private equity rise relates to the governments' initiatives to foster this sector through privatizations, also the efforts exerted by fund managers and investment firms to encourage private equity as means of financing.
The GCC countries have also realized the importance of involving the private sector in this restructuring, so privatization has also played a pivotal part in the process. The diversification of their economic bases has most importantly led the GCC countries on a race toward the "financial capital of the GCC," thus easing regulations in terms of foreign interests in the regional financial sector. This has provided the right catalysts for the GCC economies to embark on restructuring their financial sectors, hence new regulations were imposed, financial systems were upgraded to allow for new financial instruments, and a myriad of financial companies have launched their products in the region. These recent trends in the GCC, had a positive spill-over effects on the Middle East and North Africa (MENA) regions. MENA countries have adopted "openness" to their economic and financial sectors, which gave cash rich private equity managers the incentive to seek investment opportunities within the region. To that end, private equity funds that invest in the MENA region have increased tremendously in numbers and sizes, whereby $13 billion in private equity capital are currently under management in the region and has been raised in 2005 and 2006.
As per a recent report produced by the Gulf Venture Capital Association in collaboration with KPMG, data extracted from Zawya, a leading source for financial data in the MENA, on private equity indicates that the total capital raised by private equity funds in 2006 reached $7.075 billion. This has increased by 61.6 percent from its level in 2005 of $4.379 billion.
Sizes of private equity funds in the MENA region have also exhibited an increase, where total fund sizes have reached the $14 billion mark, and as of June 2007 the fund size is at $9 billion. These are significant developments in the MENA private equity sector given that the total fund size was at $78 million in 2001, an increase of 121 folds. Two important reasons for this surge in fund sizes, the first relates to the increase in the number of private equity funds in the region, and the other relates to the increase in the sizes of the funds in the MENA region.
Throughout the period of 1994-2007, the majority of the private equity funds in the MENA region are in the "Investing" phase, where 55 funds with a total size value of $12.717 billion, 40.6 percent of total value, are classified as part of the group. Funds that are in the "fund raising" stage throughout the same period in the MENA region constituted 28.3 percent of total value of funds. Fully vested private equity funds in the MENA have a combined total of $629 million, two percent of total fund sizes, while funds that are in the liquidation process are only two, and they have a combined value of $58 million. Announced private equity funds in the MENA region through 1994-2006 are concentrated in the years 2006 and 2007, and they have a combined size of $3.842 billion, which constitutes 12.3 percent of the total fund sizes of private equity funds in the region. Closed funds, on the other hand, constitute a mere 1.8 percent of the total size of private equity funds in the MENA region with a combined value of $554 million.
selected from (MENAFN - Arab News) KUWAIT, 23 July 2007
Private Equity Shows Robust Growth - KSA Kingdom of Saudi Arabia
Private Equity Shows Robust Growth - KSA
Private equity in the MENA region in general and the GCC in particular has continued its robust growth in 2006 and 2007 on the fund raising front, as well as fund sizes, according to Kuwait-based Global Investment House (Global).
This growth was made possible due to a lot of factors, mainly the increase in liquidity in the GCC region on the back of the recent surge in high oil prices. Other factors that contributed to the private equity rise relates to the governments' initiatives to foster this sector through privatizations, also the efforts exerted by fund managers and investment firms to encourage private equity as means of financing.
The GCC countries have also realized the importance of involving the private sector in this restructuring, so privatization has also played a pivotal part in the process. The diversification of their economic bases has most importantly led the GCC countries on a race toward the "financial capital of the GCC," thus easing regulations in terms of foreign interests in the regional financial sector. This has provided the right catalysts for the GCC economies to embark on restructuring their financial sectors, hence new regulations were imposed, financial systems were upgraded to allow for new financial instruments, and a myriad of financial companies have launched their products in the region. These recent trends in the GCC, had a positive spill-over effects on the Middle East and North Africa (MENA) regions. MENA countries have adopted "openness" to their economic and financial sectors, which gave cash rich private equity managers the incentive to seek investment opportunities within the region. To that end, private equity funds that invest in the MENA region have increased tremendously in numbers and sizes, whereby $13 billion in private equity capital are currently under management in the region and has been raised in 2005 and 2006.
As per a recent report produced by the Gulf Venture Capital Association in collaboration with KPMG, data extracted from Zawya, a leading source for financial data in the MENA, on private equity indicates that the total capital raised by private equity funds in 2006 reached $7.075 billion. This has increased by 61.6 percent from its level in 2005 of $4.379 billion.
Sizes of private equity funds in the MENA region have also exhibited an increase, where total fund sizes have reached the $14 billion mark, and as of June 2007 the fund size is at $9 billion. These are significant developments in the MENA private equity sector given that the total fund size was at $78 million in 2001, an increase of 121 folds. Two important reasons for this surge in fund sizes, the first relates to the increase in the number of private equity funds in the region, and the other relates to the increase in the sizes of the funds in the MENA region.
Throughout the period of 1994-2007, the majority of the private equity funds in the MENA region are in the "Investing" phase, where 55 funds with a total size value of $12.717 billion, 40.6 percent of total value, are classified as part of the group. Funds that are in the "fund raising" stage throughout the same period in the MENA region constituted 28.3 percent of total value of funds. Fully vested private equity funds in the MENA have a combined total of $629 million, two percent of total fund sizes, while funds that are in the liquidation process are only two, and they have a combined value of $58 million. Announced private equity funds in the MENA region through 1994-2006 are concentrated in the years 2006 and 2007, and they have a combined size of $3.842 billion, which constitutes 12.3 percent of the total fund sizes of private equity funds in the region. Closed funds, on the other hand, constitute a mere 1.8 percent of the total size of private equity funds in the MENA region with a combined value of $554 million.
selected from (MENAFN - Arab News) KUWAIT, 23 July 2007
Private equity in the MENA region in general and the GCC in particular has continued its robust growth in 2006 and 2007 on the fund raising front, as well as fund sizes, according to Kuwait-based Global Investment House (Global).
This growth was made possible due to a lot of factors, mainly the increase in liquidity in the GCC region on the back of the recent surge in high oil prices. Other factors that contributed to the private equity rise relates to the governments' initiatives to foster this sector through privatizations, also the efforts exerted by fund managers and investment firms to encourage private equity as means of financing.
The GCC countries have also realized the importance of involving the private sector in this restructuring, so privatization has also played a pivotal part in the process. The diversification of their economic bases has most importantly led the GCC countries on a race toward the "financial capital of the GCC," thus easing regulations in terms of foreign interests in the regional financial sector. This has provided the right catalysts for the GCC economies to embark on restructuring their financial sectors, hence new regulations were imposed, financial systems were upgraded to allow for new financial instruments, and a myriad of financial companies have launched their products in the region. These recent trends in the GCC, had a positive spill-over effects on the Middle East and North Africa (MENA) regions. MENA countries have adopted "openness" to their economic and financial sectors, which gave cash rich private equity managers the incentive to seek investment opportunities within the region. To that end, private equity funds that invest in the MENA region have increased tremendously in numbers and sizes, whereby $13 billion in private equity capital are currently under management in the region and has been raised in 2005 and 2006.
As per a recent report produced by the Gulf Venture Capital Association in collaboration with KPMG, data extracted from Zawya, a leading source for financial data in the MENA, on private equity indicates that the total capital raised by private equity funds in 2006 reached $7.075 billion. This has increased by 61.6 percent from its level in 2005 of $4.379 billion.
Sizes of private equity funds in the MENA region have also exhibited an increase, where total fund sizes have reached the $14 billion mark, and as of June 2007 the fund size is at $9 billion. These are significant developments in the MENA private equity sector given that the total fund size was at $78 million in 2001, an increase of 121 folds. Two important reasons for this surge in fund sizes, the first relates to the increase in the number of private equity funds in the region, and the other relates to the increase in the sizes of the funds in the MENA region.
Throughout the period of 1994-2007, the majority of the private equity funds in the MENA region are in the "Investing" phase, where 55 funds with a total size value of $12.717 billion, 40.6 percent of total value, are classified as part of the group. Funds that are in the "fund raising" stage throughout the same period in the MENA region constituted 28.3 percent of total value of funds. Fully vested private equity funds in the MENA have a combined total of $629 million, two percent of total fund sizes, while funds that are in the liquidation process are only two, and they have a combined value of $58 million. Announced private equity funds in the MENA region through 1994-2006 are concentrated in the years 2006 and 2007, and they have a combined size of $3.842 billion, which constitutes 12.3 percent of the total fund sizes of private equity funds in the region. Closed funds, on the other hand, constitute a mere 1.8 percent of the total size of private equity funds in the MENA region with a combined value of $554 million.
selected from (MENAFN - Arab News) KUWAIT, 23 July 2007
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