Standard Bank London (SBL) is currently developing a $750 million energy fund aimed at investing in project finance transactions in the Middle East and North Africa (MENA) region. The fund will be managed by SBL through a new fund management company to be established and domiciled in Dubai. According to a press release, SBL expects the fund to be fully financed by mid-2002, with initial investments starting immediately.
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| Standard Bank London (SBL) Invests in Energy Fund for Middle East Region |
The SBL fund will provide a mix of long-term senior debt and equity finance to small and medium-scale private sector energy and energy-related projects, areas often overlooked by major commercial banks.
SBL executives report significant support from industry players, investment houses, and development banks in the region for the fund, especially given its potential to foster regional development by introducing a new source of long-term capital.
SBL has already announced the backing of the Emirates National Oil Company (ENOC) and anticipates announcing additional institutional support soon.
Standard Bank London is the principal operating subsidiary of Standard International Holdings (SIH). SIH is the Luxembourg-based holding company for the international investment banking activities of the Standard Bank Investment Corporation Limited, a leading South African banking and financial services group. SIH operates in 21 countries.
Published on Dubaitowa.