The soon-to-be formed Islamic investment company will be joined there by Beirut-based mobile telecoms firm Investcom, which announced last week that it will carry out two initial public offerings, one in London and the other in Dubai. And at least one other Middle Eastern company  — Dubai-based oil firm Al-Thani Investments  — is pursuing a listing in London.

Tejoori has lined up more than 400 founding shareholders to capitalise the firm to at least $100 million. The company is now poised to raise further capital by extending the private placement to another 200 investors, due to strong demand from individuals and firms in the oil-rich Arabian Gulf.

After floating on AIM, the firm then plans to issue more shares to the public in July 2006, when it will also consider a dual listing in one of the Arab Gulf states.

The person familiar with the company's plans said Tejoori's knowledge of emerging markets in the Islamic world will provide Europe-based fund managers with exposure to high-risk, high-return markets.  — Dow Jones