Rakiza, an infrastructure fund investing in the Sultanate of Oman and the Kingdom of Saudi Arabia, which is co-managed by Oman Infrastructure Investment Management (OIM) and Equitix, has reached the target of its first Fund (“the Fund”) on 17 March 2023 at over USD 1 billion.
It has already deployed 25% of capital across three projects: a 30% stake in a telecom tower portfolio in Oman; c.31% stake in a gateway container terminal in the Port of Sohar; and a majority stake in Khazaen Fruit and Vegetable Central Market in Oman.
The Fund invests in infrastructure projects, that generate stable returns and yield income,
in renewables, power and water, social infrastructure, telecommunications and transport and logistics sectors. The pipeline of near-term opportunities is strong and there are several investments which are nearing financial close.
Rakiza actively seeks to create value through its investments while supporting the achievement of the relevant global sustainability and ESG targets set by its key investors. By considering ESG factors, Rakiza aims to provide a positive long-term impact on society and the planet, while at the same time positively impacting financial performance. Rakiza’s investment decision-making processes undergo a rigorous ESG screening procedure; ESG data at portfolio companies is also actively monitored to ensure target companies behave in a socially and environmentally responsible manner and enhance their sustainability profile.
Muneer Al Muneeri, OIM CEO, said: “Our target of raising over USD 1 billion is an important milestone, which will help Rakiza in further growing our infrastructure fund initiatives in the region. The success of and appetite for the Fund demonstrates the need for sophisticated financial investors for this asset class. We look forward to supporting our investors and stakeholders in meeting their requirements.”
Hugh Crossley, Equitix Co-Founder and CEO, said: “The GCC is an attractive home for smart capital, and an exciting investment destination for those with local access. We are pleased to have such strong and growing partnerships with the region’s leading institutional investors. Driven by Rakiza’s local investment teams in Muscat and Riyadh offices, we aim to deliver on the Fund’s return objectives, by investing in, and developing, compelling essential infrastructure projects.”
