International law firm Ashurst has advised Islamic investment firm Fajr Capital on its acquisition of Dubai International Capital's (DIC) stake in the MENA Infrastructure Fund.
The MENA Infrastructure Fund is a $300 million Dubai-based specialist asset manager established in 2007 to invest in infrastructure and energy projects in the Middle East and North Africa. Its three investments to date are Alexandria International Container Terminals (which runs terminals in Egypt's two main commercial ports, Alexandria and Dekheila, in partnership with international operator Hutchison Port Holdings), United Power Company (which runs a 270 MW power plant in Manah, Oman), and Qurayyah IPP (a 3,927 MW power plant under construction in Qurayyah, Saudi Arabia).
Abu Dhabi-based corporate and managing partner Alastair Holland led the team which included energy, transport, and infrastructure counsel Mhairi Main Garcia in Dubai and corporate senior associate Chris Young. London investment funds partner Nick Goddard and associate Felicia Efta assisted. Vinson & Elkins acted for DIC.
With Fajr Capital’s acquisition of the stake, the firm is now a co-sponsor in the general partnership alongside HSBC Bank Middle East and Abu Dhabi-based Waha Capital. In addition, it is a limited partner alongside other regional and international investors.
Shaheen Pasha is Middle East Regional Editor at ALB. Follow us on Twitter: @ALB_TheBrief.
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