Mubasher: Saudi Arabia continues to be one of the largest markets for investment, despite the anti-corruption probe that took place over the past few months, an official in Bahrain-based Investcorp has said.
“Saudi Arabia is still a big market in terms of fundraising and investing,” Hazem Ben-Gacem, head of Investcorp’s European private equity business, told Bloomberg on the sidelines of the World Economic Forum (WEF) in Davos on Saturday.
“Our businesses in the Gulf continue to thrive,” he added, noting that his company was planning to collaborate with Saudi-based eye-care specialists Magrabi Hospitals & Centers.
In November, the Kingdom arrested a number of princes, senior officials, and top businessmen as a part of anti-corruption crackdown, accusing them of crimes such as money laundry and bribery.
On Saturday, Saudi authorities reached financial settlements with several of the detainees, including Prince Alwaleed bin Talal, added to a major shareholder in fashion retailer Fawaz Abdulaziz Alhokair, former chief of the Royal Court, and former head of the environmental protection agency Turki bin Nasser.
With over $21.4 billion in assets under management across companies, real estate, alternative investments, and credit management, Investcorp is planning to raise its assets to $50 billion in the coming five years, Ben-Gacem highlighted.
Recently, Investcorp launched a healthcare fund, aiming to raise $750 million. It also plans to close its Gulf technology fund raising $400 million by the summer, the top official concluded.
