DIC to set up Saudi subsidiary and invest heavily in Indian expansion

Dubai: Dubai International Capital, the private equity arm of Dubai Holding said yesterday that it would set up a Saudi subsidiary and invest heavily in growing opportunities in India.

"We are in the process of setting up a Saudi entity that is similar to Jordan Dubai Capital (JD Capital) set up in Jordan two years ago. The Saudi arm will focus exclusively on investment opportunities in Saudi Arabia," said Sameer Al Ansari, executive chairman and chief executive of Dubai International Capital.

DIC is planning to set up a $500 million fund in Saudi Arabia. The company, which has more than $13 billion assets under management, has invested more than $1.5 billion in the Middle East and holds $1 billion worth assets in India.

With the growing opportunities in the region, Ansari said the company is considering a substantial increase in its exposure to Middle East, Africa and India. On Arab countries, Ansari said, "in the region, every sector has huge opportunities because of the demographics, young population and growth."

Speaking about DIC's regional strategy, Ansari said DIC wants to focus on each market from its own home turf with physical presence and expertise in each of them.

DIC said that it intends to replicate the JD Capital model across the region.

"With JD Capital, we have established the framework for replicating the same successful model in other countries in the wider Middle East and North Africa region.

"A wide range of opportunities exist in privatisations, banking, real estate, infrastructure and other areas and we plan to play a full and proper role as a responsible investor and corporate citizens in this region like we have done in others," Al Ansari added.