Nov 08 2012
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Saudi investment firm Sedco sees assets doubling by 2017
By Stanley Carvalho
ABU DHABI, Nov 8 (Reuters) - Saudi Arabia's Sedco Capital, an investment firm complying with Islamic laws, expects assets under management to double in the next five years as it expands into new areas to meet rising demand from sharia-compliant investors.
The two-year old Jeddah-based firm, which manages about $3 billion in client assets, is one of few firms offering sharia- compliant investments globally. It is part of the Sedco Holding which has interest in real estate, automobiles and financial investments.
In July this year, Sedco Capital set up an entity in Luxembourg to expand its reach in the sharia-compliant private equity, real estate and commodities space.
Most sharia-compliant firms are regional and "global sharia is scarce," Aljabri said.
Sedco's private equity fund launched a year ago has raised $113 million of which 40 percent is invested in 10 companies globally, he said.
Sedco has also invested globally in real estate and is currently eyeing Asian markets such as China, India and Brazil, the executive said.
The firm is also looking at new asset classes such as agriculture investments. "We are looking at it very seriously - farms, agricultural marketing companies, logistics - for private equity business," Aljabri said, declining to give any investment outlay.
Australia, New Zealand and Brazil offer vast opportunities, he said. Sedco Capital plans to open an office in the kingdom's capital Riyadh this month.
(Reporting By Stanley Carvalho; Editing by Dinesh Nair)
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Keywords: SAUDI SEDCO/
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