Gulf Capital's Dh300million share issue fully subscribed

ABU DHABI— Gulf Capital has subscribed its entire capital Dh500 million this week when it offered 60 per cent shares worth Dh300 million for subscription.

By Haseeb Haider

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Published: Thu 22 Dec 2005, 9:59 AM

Last updated: Thu 2 Apr 2015, 4:21 PM

The move received overwhelming response from investors, paving the way for the company to enter into the incorporation phase with the Ministry of Economy and Planning.

Gulf Capital, a new private equity company with regional shareholding roots, was launched in October this year with a total paid up capital of Dh500 million. The company had already subscribed its 40 per cent capital, in summer this year. Gulf Capital's 60 per cent shares are owned by the UAE nationals and remaining 40 per cent shareholding is held by Gulf investors.

The company’s strategy is to identify fast-growing industries in the Gulf and to acquire large stakes in promising companies within these target industries. In this connection, it has set up Industry-specific Advisory Boards which will help the management to take business decisions.

Oil & Gas: Suhail Al Mazroui, Chairman of Aabar Petroleum Investment Company PJSC and former GM of ADNOC, Nasser Al Sowaidi, Chairman of the National Petroleum Construction Company, Mohammed Al Khaily, Managing Director of the International Petroleum Investment Company (IPIC) and Waleed Zahid, President of Al Zahid Group. Utilities: Dani Safi, CEO of Tabreed, Ahmed Al Badi, Chairman of Belbadi Energy and Mike Joice, CEO of APEX Energy.

Industrial: Khaled Juffali, Vice Chairman of E.A. Juffali & Brothers, Hussein Al Nuwais, Chairman of Emirates Holding and Dr. Abdul Rahman Al-Zamil, Chairman of Al – Zamil Industrial Group.

Construction: Riad Kamal, Managing Director of Arabtec, Rami Alturki, CEO of Saudi Readymix and Dr. Ali Dayekh, President of Saudi Group Company for Construction Materials.

Financial Services: Abdul Monem Al Rashed, Chairman of Bank Aljazira, Faisal Al Mutawa, Chairman of Bayan Investment Co., Alaa Eriqat, Head of Retail and Wealth Management, Abu Dhabi Commercial Bank, and Abdul Aziz Al Subeaei, Board Member of Mohammed & Abdullah Al Subeaei Investment Company.

Logistics and Transport: Fadi Ghandour, CEO of Aramex and Mohamed Kanoo, Director of Kanoo Group.

Technology, Media and Telecom: Abdul Aziz bin Ahmed bin Abdul Aziz Al Saud, Chairmen of Atheeb Group, Faisal Al Bannai, CEO of Axiom Telecom and Sep Riahi, Former Business Development Director at and Sony Pictures.

Education: Sunny Varkey, Chairman of GEMS and Ahmad Al Badi, Chairman of Belbadi Education.

Commenting on how the Industry Advisory Board will support the Company’s strategy, Hareb Masood Al Darmaki, Chairman of the Founders’ Committee, Gulf Capital, said: "To secure the requisite industry expertise, we have assembled, for the first time in the Gulf, an Industry Advisory Board comprising of some of the most distinguished and knowledgeable business leaders to advise us on the acquisition and management of companies in our target sectors. In this approach, Gulf Capital is emulating the best-in-class practice of the leading global private equity players."

"Given its regional shareholding, unique Industry Advisory Board, strong deal flow pipeline, deep management team and best-in-class practice, Gulf Capital is poised to raise the bar in the regional private equity scene and position itself as one of the most dynamic and sophisticated regional investment firms," Al Darmaki.

Dr Karim El Solh, Chief Executive Officer, Gulf Capital said: "Through their deep network and extensive relationships, Industry Advisory Board members will be instrumental in helping Gulf Capital source investments in our target industries. Leveraging their deep industry operating expertise, the Industry Advisory Board members will also assist Gulf Capital in, managing, restructuring and growing the acquired companies with a particular focus on improving the bottom line. As a hands-on investor, Gulf Capital is committed to adding value to its portfolio companies prior to exits."

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