Mubadala Infrastructure Partners Announces First Closing of Regional Fund |
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Abu Dhabi, 10 November 2008 - Mubadala Infrastructure Partners Ltd (MIP), a joint venture between Mubadala Development CompanyMubadala Development Company
PJSC (MubadalaMubadala), GEGE and Credit SuisseCredit Suisse announced today the first closing of its regional infrastructure fund, Mubadala Infrastructure Partners ("the Fund") in the amount of $ 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. MubadalaMubadala, GEGE and Credit SuisseCredit 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 GEGE and Credit SuisseCredit 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 $ 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 $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."
"GEGE 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 MubadalaMubadala announced last summer," said Aris Kekedjian, GEGE Officer and President and Chief Executive Officer for GEGE 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 SuisseCredit Suisse.
-Ends-
MubadalaMubadala Development Company
Mubadala Development CompanyMubadala Development Company (MubadalaMubadala) 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. MubadalaMubadala's commercial strategy is fundamentally built on long term capital intensive investments that deliver strong financial returns.
The company manages a multi-billion dollar portfolio of local, regional, and international investments, projects and initiatives. Through its investment and development projects, MubadalaMubadala 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.
MubadalaMubadala's sole shareholder is the Government of the Emirate of Abu Dhabi. For more information about MubadalaMubadala, its partnerships and activities please visit www.mubadala.ae.
Credit SuisseCredit Suisse
As one of the world's leading banks, Credit SuisseCredit Suisse provides its clients with private banking, investment banking and asset management services worldwide. Credit SuisseCredit Suisse offers advisory services, comprehensive solutions and innovative products to companies, institutional clients and high-net-worth private clients globally, as well as retail clients in Switzerland. Credit SuisseCredit Suisse is active in over 50 countries and employs approximately 50,000 people. Credit SuisseCredit Suisse is comprised of a number of legal entities around the world and is headquartered in Zurich. The registered shares (CSGN) of Credit SuisseCredit Suisse's parent company, Credit SuisseCredit Suisse Group AG, are listed in Switzerland and, in the form of American Depositary Shares (CS), in New York. Further information about Credit SuisseCredit Suisse can be found at www.credit-suisse.com.
Credit SuisseCredit Suisse Alternative Investments ("CSAI") is a leading global alternative asset manager within Credit SuisseCredit Suisse's Asset Management business that is involved in private equity, hedge funds and related activities. The CSAI businesses include Funds and Alternative Solutions, Leveraged Investments, Quantitative Strategies, and Volaris as well as a diverse family of private equity funds, including leveraged buyout funds, mezzanine funds, core and opportunity real estate funds, secondary funds and private equity fund of fund businesses. With over $155 billion in managed assets and exceptional investment performance, Credit SuisseCredit Suisse is one of the world's largest and most successful managers of alternatives. CS AI is also the world's leading placement agent in alternative assets, raising capital for third-party managers through its Private Fund Group and Real Estate Private Fund Group. The CS AI businesses have more than a 20-year history of strong investment performance, with leading market share positions.
All businesses of Credit SuisseCredit Suisse are subject to distinct regulatory requirements; certain products and services may not be available in all jurisdictions or to all client types.
GE
GEGE is a diversified global infrastructure, finance and media company that is built to meet essential world needs. From energy, water, transportation and health to access to money and information, GEGE serves customers in more than 100 countries and employs more than 300,000 people worldwide. For more information, visit the company's Web site at http://www.ge.com. GEGE is Imagination at Work
For further information, please contact:
MubadalaMubadala Development Company
Jacquelyn Miller
T. +971 2 413 0005
jmiller@mubadala.ae
© Press Release 2008
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