KARACHI, April 5: Dubai Islamic Bank (DIB) and Dubai World have announced the launch of the first of its kind $5 billion family of private equity funds to participate in strategic transactions on a global basis. A statement issued here on Wednesday said that the Dubai World is the holding company of Dubai Ports World, Free Zone Corporation, Nakheel, Istithmar and Dubai Multi Commodities Centre among others.

It stated that the family of funds that would be launched over the next 18 months comprises seven specific private equity funds covering strategic sectors: Energy, Financial institutions, Infrastructure, Real Estate, Health and Education, General Industrials and Technology, Media and Telecommunications (TMT).

Each fund would be managed by a dedicated team of experienced private equity and industry experts with a proven track record, it was further stated.

Dubai Islamic Bank recently commenced operations in Pakistan. “DIB Pakistan will be closely working with its headquarters in Dubai in marketing and evaluating opportunities for investment of these funds in Pakistan, added Saad Zaman.—APP