UK-based asset manager Gemcorp Capital is to unveil a US$1 billion investment fund designed to promote Saudi Arabia as a destination for investors.
The fund has been created in partnership with the kingdom’s Ministry of Investment (MISA) and will be marketed to both global and domestic investors.
It will feature both equity and credit products,
The proceeds from the fund will be used to finance projects that are part of the Vision 2030 economic reform plan championed by the Saudi government as well as broader economic development initiatives.
Gemcorp, which has stated its intention to invest $10 billion in Africa over the next ten years, will provide seed funding, while MISA will be responsible for setting up the fund and providing access to investors.
“Gemcorp’s $1 billion fund will be a pivotal catalyst for our economic growth, poised to invigorate our key priority sectors,” said Salah Ali Khabti, deputy minister of investment of Saudi Arabia.
“We believe this landmark fund launch will set the stage for others to follow, ushering in a new era of prosperity and innovation for our region.”
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