Muscat-based Rakiza, an infrastructure fund investing in Oman and Saudi Arabia, has closed its first fund at over $1 billion, deploying 25% of the fund in three Omani projects.

The fund has taken a 30% stake in telecom firm Omantel’s passive tower assets in the Sultanate, a majority stake in Khazaen Fruit and Vegetable Central Market, and an estimated 31% stake in the Oman International Container Terminal in the Port of Sohar. 

Rakiza is co-managed by Oman Infrastructure Investment Management (OIM) and London-based infrastructure investor and fund manager Equitix.

The fund, which was closed last December, invests in infrastructure projects that generate stable returns through a combination of exit-driven capital gains as well as income in the renewables, power and water, social infrastructure, telecommunications and transport and logistics sectors. 

The pipeline of near-term opportunities is “strong”, with several further investments nearing “financial close”, including Rakiza’s first acquisition in Saudi Arabia, Rakiza said in a statement.

Rakiza Founder and OIM CEO Muneer Al Muneeri said: “Our target of raising over $1 billion is an important milestone, on which Rakiza hopes to build with similar future initiatives.”   

Equitix Co-Founder and CEO Hugh Crossley added that the GCC is an attractive home for smart capital and an exciting investment destination for those with local access. 

(Editing by Brinda Darasha brinda.darasha@lseg.com )