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Dubai: Dubai International Capital LLC (DIC) and First Eastern Investment Group, a leading Chinese private equity firm and the first Chinese investment bank to be established at the Dubai International Financial Centre (DIFC), on Monday said that they have launched a new fund, China Dubai Capital, which will target opportunities in China's growing economy.
First Eastern currently manages over $1.5 billion dedicated to direct investments in China.
Target
China Dubai Capital will invest in a wide range of vibrant sectors including infrastructure, resources, healthcare and services. The first closing of the fund will take place in May 2008 with at least $500 million from investors predominantly in Asia and the GCC. The final closing is expected to take place in October bringing the fund up to $1 billion.
Sameer Al Ansari, executive chairman and CEO of DIC, said, "We are pleased to partner with First Eastern to establish China Dubai Capital. Through this fund, we will invest in feasible and profitable business opportunities in commercially-attractive sectors. The establishment of China Dubai Capital provides investors the opportunity to participate in a vehicle which will generate superior returns."
Victor Chu, chairman of First Eastern Investment Group, added, "Chinese companies are very attracted by the opportunities arising from the opening up of the Gulf. Our new fund will be in a great position to generate exciting returns from the synergies between these two regions. The UAE, particularly Dubai, is strategically positioned as the natural gateway for GCC access."
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