The head of UAE-based investment firms Dubai Holding and Dubai International Capital, Mohammed Al Gergawi, announced that he has established a $300 million fund to invest in Tunisia. The investment will focus on a number of industries, including manufacturing, travel and information technology. The company will invest in various investment instruments, including equity purchases in local firms and investment in the Tunis Stock Exchange.
Dubai Holding is chaired by Prince Sheikh Mohammed bin Rashid Al Maktoum, who is also UAE's defense minister. The holding company has a portfolio of companies that are active in various industries, from IT to real estate, and from energy to scientific research. Internationally, the company is known for having invested $1 billion recently to acquire a 2% stake in DaimlerChrysler, making it the third largest shareholder after Deutsche Bank and the state of Kuwait. In March, Dubai International Capital purchased the Tussauds Group for $1.5 billion. Tussauds is known for its wax museum, UK's Alton Towers and other activities in the UK, US, Holland and Hong Kong.
In addition to Tunisia, Dubai International Capital is also eyeing potential investments in Morocco. A team of analysts working for the fund traveled to Morocco in February to inquire about real estate development.
Despite this announcement for the creation of a $300 million fund, the Gulf-based company is already active in Tunisia. It has upped its shareholding of the Somocer Company of the Abdennadher Group from 5% to 12%. The company has two seats at the Somocer board of directors.
© The North Africa Journal 2005
