MENA Small & Medium Enterprises (SME) Fund
In December 2006, VCBank announced the first closing for this Fund, with more than the targeted amount of US$75 million having been raised. Out of the total amount subscribed, almost 20 per cent was committed by investors from the USA.
This Fund, the first regional fund focusing on SMEs, was launched by VCBank in June 2006 in co-operation with our strategic partner, Global Emerging Markets Group (GEM) who is also a co-manager of the Fund. The purpose of the Fund is to invest in small to medium enterprises (SMEs) – a largely neglected segment – throughout the Middle East and North Africa (MENA) region.
The US$ 250 million MENA SME Fund will give investors the opportunity to be a part of the region’s unprecedented growth, while cultivating the rapidly expanding base of SMEs throughout the targeted region. The Fund is tailored to provide direct funding solutions, and financial and administrative support, to promising, rapidly-growing enterprises with well-structured management and high potential for profitability. Fully compliant with both Islamic Shari’ah and international investment standards, the Fund is designed to serve as an innovative investment platform for local and international investors seeking highly lucrative investments with low risks.
In addition to Challenger Limited, an oil drilling company in North Africa, which was recently acquired by VC Bank and GEM on behalf of the Fund, a number of other
acquisition targets for the Fund are at advanced stage.
Back
In December 2006, VCBank announced the first closing for this Fund, with more than the targeted amount of US$75 million having been raised. Out of the total amount subscribed, almost 20 per cent was committed by investors from the USA.
This Fund, the first regional fund focusing on SMEs, was launched by VCBank in June 2006 in co-operation with our strategic partner, Global Emerging Markets Group (GEM) who is also a co-manager of the Fund. The purpose of the Fund is to invest in small to medium enterprises (SMEs) – a largely neglected segment – throughout the Middle East and North Africa (MENA) region.
The US$ 250 million MENA SME Fund will give investors the opportunity to be a part of the region’s unprecedented growth, while cultivating the rapidly expanding base of SMEs throughout the targeted region. The Fund is tailored to provide direct funding solutions, and financial and administrative support, to promising, rapidly-growing enterprises with well-structured management and high potential for profitability. Fully compliant with both Islamic Shari’ah and international investment standards, the Fund is designed to serve as an innovative investment platform for local and international investors seeking highly lucrative investments with low risks.
In addition to Challenger Limited, an oil drilling company in North Africa, which was recently acquired by VC Bank and GEM on behalf of the Fund, a number of other
acquisition targets for the Fund are at advanced stage.
Back
