Dec 16 2005 |
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SAGIA, Swicorp to invest $5 billion in energy projects
JEDDAH --The Saudi Arabian General Investment Authority (SAGIA) and Swicorp, a premier Swiss-based private equity and investment banking firm in the Middle East and North Africa (MENA), are to invest $5 billion in energy-related projects in the Kingdom. They have formed a consortium for this purpose, which will be known as Swicorp Joussour Company (Joussour).The $5 billion funding for the company is structured into debt and equity. An amount of $500 million has already been committed by partners who include: the Savola Group, Dallah AlBaraka Holding Group, Aseer Company , Abdulkader Al-Muhaidib & Sons Co., Hayel Saeed Group, Abdullatif Saoud Al Babtain & Bro. Co., Abu Dhabi Holding, Saudi Bin Laden Group, Gulf Power Company, and Swicorp Capital.
Swicorp has over two decades of expertise in the field of investment banking and private equity to the Kingdom. "We value Swicorp's sharing of such expertise and knowledge, which allows all parties to benefit from the knowledge pool, Amr Al-Dabbagh, governor of SAGIA, said in Riyadh on Tuesday when the announcement of forming the consortium was made.
"We are honoured to have partnered with SAGIA to further this cause of mutual human asset development, said Kamel Lazaar, president and managing director of Swicorp." The launch of Swicorp Joussour Company is in line with our strategy to strengthen our position as a leading player in the private equity in the region. We consider the Kingdom of Saudi Arabia as one of our key markets in the MENA region and we envision the PPP (public, private partnership) agreement will further entrench us in the Saudi business community, he added.
SAGIA will liaise with the concerned Saudi authorities on the means to facilitate investments Joussour is bound to attract. The company has an in-depth regional knowledge and an extensive network, in addition to regional contacts. It seeks to invest in the Kingdom in midstream and downstream petrochemicals, energy-intensive industries, power generation and ancillary businesses to the oil and gas petrochemical sectors. Joussour is already considering 15 investment opportunities in the local market.
The Boston Consulting Group (BCG), a leading international strategy consulting firm, will be working along with Joussour in establishing its investment strategy. It will be screening and structuring specific investment opportunities and providing access to its worldwide network of corporations.
SAGIA aims to leverage Saudi Arabia's competitive advantages in energy, transportation, information and communication technology as well as knowledge-based industries. SAGIA has been setting up a number of sector-focused investment vehicles. The last such exercise took place on November 15, 2005 when a $100 million venture capital fund with Intel Capital was announced in Riyadh. SAGIA was instrumental in the establishment of the Swicorp Joussour Company, which further compliments SAGIA's investment goals to create a focused, yet sectored private equity offerings.
© Khaleej Times 2005
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