$200m financing fund launched to help coronavirus-hit projects in the Gulf

$200m financing fund launched to help coronavirus-hit projects in the Gulf

Shuaa Capital, the Dubai-based asset management and investment banking platform, has announced the launch of a $200 million fund targeting stalled projects hit by coronavirus-related financing problems in the GCC.

The Shuaa Financing Opportunities Fund has already attracted a total of $68 million in commitments from investors, the company said.

Shuaa Capital is focused on its main businesses and on becoming more efficient, chief executive officer Jassim Alseddiqi said

The launch of its first dedicated financing fund follows Shuaa's recent success in the private credit space in deploying and returning in excess of $250 million to investors and generating mid-teen returns of about 15 percent in addition to $3 billion of structured and raised funding across all portfolio companies, the company added.

The key objective of the new fund is to generate income yield