Rakiza closes its first infrastructure fund at over $1bn

Muscat: Rakiza, Oman Infrastructure Investment Fund, co-managed by Oman Infrastructure Investment Management (OIM) and Equitix, announced that its subscription closed at more than $1 billion.

A statement issued by Rakiza said that the fund deployed 25 per cent of its capital in three projects, namely a stake of 30 per cent in the portfolio of telecom towers in the Sultanate of Oman, a stake of 31 per cent in Oman International Container Terminal in the Port of Sohar and a majority stake in Khazaen Central Vegetable and Fruit Market.

Muneer Al Muneeri, OIM CEO, said, “Our target of raising over $1 billion is an important milestone, which will help Rakiza in further growing our infrastructure fund initiatives in the region. The success of an 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."

Rakiza investments in Oman that focus on telecommunications, energy, water, transportation, logistics, infrastructure and renewable energy sectors, aim at achieving stable returns.

The fund seeks to create value through its investments while supporting the achievement of financial sustainability goals set by its main investors by considering environmental, social and institutional governance factors, in addition to making a positive long-term impact on financial performance, society and the environment.