Amwal Al Khaleej, a Saudi private equity firm with offices in Riyadh, Dubai and Cairo, has invested AED 137.5 million ($37 million; €28 million) in Right Angle, an outdoor media subsidiary of India’s Laqshya Media.
Right Angle recently made headlines when it obtained permission to design, build and operate 1000 air-conditioned bus shelters in Dubai, an unusual street feature in the Arab world.
The investment from Amwal Al Khaleej represents a second capital injection for the Indian outdoor media group. In October last year, it attracted $10 million in investment from India’s UTI Ventures.
Laqshya also has operations in Sri Lanka and is looking to expand to Southeast Asia, from Thailand to Indonesia, Malaysia, Philippines and Singapore.
Amwal Al Khaleej recently completed fundraising for a second private equity fund on 1 billion Saudi Riyals ($267 million) which is aimed at opportunities in the Middle East and North Africa region.