2024-04-24 11:05:23
Alternative investment firm Investcorp has launched a billion-dollar fund backed by China’s sovereign wealth fund CIC to invest in companies in Saudi Arabia, the Gulf region and China, it said in a statement on Wednesday.
The platform, which will also be backed by institutional and private investors from the Gulf region, will target “high-growth companies” in sectors such as consumer, healthcare, logistics and business services.
The launch is the latest sign of warming ties between China and the Gulf, as countries in the region implement economic diversification plans, opening up space for investment.
Bahrain-based Investcorp, which manages regarding $50 billion in assets and is known for taking luxury brands public, said CIC’s commitment “comes at a time when the appeal of the GCC for institutional investors is accelerating.
“Investcorp is perfectly positioned to facilitate cross-border cooperation and investment between the GCC and China,” Hazem Ben-Gacem, co-CEO of the company, said in the statement.
CIC, which is owned by China’s State Council, invests overseas through two subsidiaries, CIC International Co and direct investment company CIC Capital Corp. It also has a domestic investment unit, China Central Huijin.
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