Gemcorp Capital targets $1 billion fund for investment in Saudi Arabia

Ministry of Investment Saudi Arabia (MISA) signs MOU to enhance investment access to the Kingdom. The inaugural Saudi fund will offer investors direct investment opportunities in Saudi-based projects.

25 October 2023 • Saudi Arabia

Riyadh, Saudi Arabia; 25 October 2023: Gemcorp Capital, a global asset management firm specialising in emerging markets, has unveiled plans for an inaugural investment fund for Saudi Arabia. As a first of its kind, with an initial target of $1 billion, the strategy offers both global and domestic investors a unique opportunity to invest directly in key projects aligned with Vision 2030 and the Kingdom’s broader economic development initiatives.  

The fund will be the product of a partnership between Gemcorp and the Ministry of Investment Saudi Arabia (MISA). Gemcorp will commit seed funding, while MISA will assist in establishing the fund and will facilitate access to investment opportunities. It is expected that the fund will unlock further investor interest and will promote Saudi Arabia as an investment destination.

The fund’s strategy will offer a diverse range of investment products, including credit, equity and hybrid debt, complementing existing sources of funding available in Saudi Arabia. Credit products will encompass structured debt, structured trade finance and convertible debt. Equity products will include common equity, preferred equity and other equity derivatives and hybrids.

Khalid A. Al-Falih, Minister of Investment of Saudi Arabia, said: “Gemcorp’s new investment fund demonstrates Saudi Arabia’s commitment to becoming a world-class investment destination. Saudi Arabia has recently become very attractive to global investors, and this fund will provide further investment support for key sectors such as energy, infrastructure, and mining and minerals. This investment fund is also aligned with Saudi Vision 2030 for a more prosperous and sustainable future for our country.”

Salah Ali Khabti, Deputy Minister of Investment of Saudi Arabia commented: “Foreign direct investment (FDI) has been a transformative force in our local economy, fostering job creation and empowering women in the workforce. Gemcorp’s $1 billion fund will be a pivotal catalyst for our economic growth, poised to invigorate our key priority sectors. We believe this landmark fund launch will set the stage for others to follow, ushering in a new era of prosperity and innovation for our region.”

HRH Prince Khalid bin Bandar bin Sultan bin Abdulaziz Al Saud, Ambassador of the Kingdom of Saudi Arabia to the United Kingdom said: “Saudi Arabia has enjoyed a longstanding and prosperous trade relationship with the United Kingdom. As an attractive destination for foreign direct investment, Saudi Arabia’s open economy, underpinned by a commitment to fostering both financial and social welfare, remains a beacon of opportunity for investors. We wholeheartedly welcome initiatives such as UK-based Gemcorp’s $1 billion fund, as they align with Saudi’s ambitious internal investment targets.”

Atanas Bostandjiev, Founder and CEO, Gemcorp, added: “As the global landscape becomes more dynamic and complex, we are expanding our investment offering across emerging markets. Saudi Arabia is a key focus market, offering a favourable investment environment and unique opportunities to develop innovative financial solutions for public and private stakeholders in our three priority sectors: energy, infrastructure, and minerals and mining. Our aspiration is to make this fund the first of a series of follow-on funds in the Kingdom.”

Simon Penney, Head of Middle East, Gemcorp, concluded: “Catalysing Saudi Arabia’s rise as a premier investment hub is our core objective with the launch of our strategy. As we aim to support the government’s aim of increasing FDI to over 5.7% of GDP by 2030, we envision sustainable economic growth propelling Saudi Arabia into the league of the world's top 15 economies. Our commitment to success extends to Saudi’s Public-Private Partnership program, driving economic development across the nation, and forging a path towards reduced unemployment and enhanced female workforce participation. With this strategy, we are poised to make a significant impact, reaffirming Saudi’s position as a global investment destination of choice."

MISA is committed to making Saudi Arabia one of the most attractive investment destinations in the world. MISA is working to promote investment in key sectors of the Saudi economy, including energy, mining and minerals, infrastructure and tourism. Some of the key investment trends in Saudi are: increased investment in renewable energy with a target of generating 50% of its electricity from renewables by 2030; further development of the mining and minerals sector as the Kingdom is already a major producer of aluminium, copper, gold and phosphate; infrastructure development including roads, rail, airports and ports with investors targeting new cities and economic zones; and lastly, the development of the tourism sector, with focus on religious and leisure tourists.

Gemcorp Capital is an international asset management company focused on emerging markets. It provides funding solutions to sovereign and corporate borrowers across a diverse range of sectors including technology, infrastructure and energy and structured trade finance. Gemcorp has completed more than $7 billion of private credit transactions in global emerging markets, from the Middle East, Sub-Saharan Africa, to South America, Southeast Asia, and Eastern Europe.

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