Regional investors QInvest, Silver Leaf Capital and Qatar Islamic Bank have set off on the fundraising trail to raise $1 billion (€651 million) to invest in the kingdom, according to regional newspaper Arabian Business citing a statement.
The banks said the fund would seek to attract international capital to the region in general, specifically Qatar, and the fund will focus on sectors such as telecoms, environmental recycling, oil and gas and infrastructure.
The fund will be managed by advisory firm Dhow Investors Advisor.
Earlier this week regional investment firms Dubai International Capital said it was planning to raise a $500 million Saudi Arabian fund and middle Eastern investors Global Investment House, Millennium Capital and Dubai Islamic Bank raised $500 million (€329.3 million) for a Shariah-compliant fund.
The vice chairman and chief executive of Dubai firm Arif Naqvi said at a Private Equity International conference he expected the Middle East’s regional industry to have around $9 trillion under management within a decade if oil prices remained above $100 a barrel.