DUBAI, 5 April 2006 — Dubai Islamic Bank and Dubai World yesterday announced the launch of the first of its kind $5 billion family of private equity funds to participate in strategic transactions on a global basis. Dubai World is the holding company of Dubai Ports World, Free Zone Corporation, Nakheel, Istithmar and Dubai Multi Commodities Center among others. The family of funds that will be launched over the next 18 months comprises seven specific private equity funds covering strategic sectors — energy, financial institutions, infrastructure, real estate, health and education, general industrials and technology, media and telecommunications (TMT).
Each fund will be managed by a dedicated team of experienced private equity and industry experts with a proven track record.
The funds will be supported by external advisers including Norton Rose and Baker McKenzie as legal advisors, Ernst & Young as auditors and The Bank of New York as escrow agent.
This unique project will allow investors to participate in highly profitable strategic transactions in the sectors of their choice and would strengthen the UAE and Dubai’s position as the financial hub of the Middle East.
