Gulf starts at Sheikh Adi-2 25/05/2012
Iraq-focused oil explorer Gulf Keystone Petroleum (GKP) has begun drilling at the Sheikh Adi-2 well in the Sheikh Adi block.
Abu Dhabi vehicle to raise $50m on AIM
Qannas Investments, a vehicle looking to target assets in the commodity-rich Gulf is to join AIM in a float worth $50 million (£32.5 million).
Qannas is to be managed by private equity specialist Abu Dhabi Capital Management and domiciled in Jersey, with the group hoping to generate an internal rate of return of 'at least 20 per cent' by investing in a 'diversified portfolio of undervalued equity and debt investments' in the GCC region (The GCC region includes Bahrain, Kuwait, Oman, Qatar, Saudi Arabia and the UAE).
The group is to be led by UAE national and CEO Jassim Alseddiqi, a private equity veteran and the former chief executive officer at investment concern the Abu Dhabi Capital Group. The board includes chairman Chris Ward, a Dubai local and a former partner in Deloitte. The non-executive team includes Richard Prosser, chairman of the Aberdeen Latin American Income Fund and Andrew Whelan, the former chief information officer for asset manager Ermitage's' wealth management business.
In an interview with Growth Company Investor Alseddiqi enthused that AIM was considered the best choice 'As it is a very transparent stock exchange with alot of credibility'. Regarding the GCC region itself he declared 'The intent for governments in the region is to spend a great deal on projects, something which creates a very solid economic future (for the region)' although Qannas itself will be focusing on distressed investments with the UAE and Bahrain in particular a target for the group.
Joining at a time of limited activity on AIM, the company should benefit from investors anxious to tap into a region currently exhibiting considerable resilience amidst continued commodity exports and infrastrucuture spending.
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