January 29, 2018 / 7:21 AM / a year ago

Arcapita appointed advisor to HSBC Saudi for $150 million logistics fund

A 3D printed HSBC logo is seen in front of a displayed Saudi Arabia Riyal banknote in this illustration taken August 8, 2017. REUTERS/Dado Ruvic/Illustration

DUBAI (Reuters) - Shariah-compliant investor Arcapita has been appointed as an advisor to HSBC Saudi Arabia for a $150 million investment fund that will target logistics and warehouse assets in Saudi Arabia and the United Arab Emirates (UAE).

Bahrain-based Arcapita will identify and assist in the financing and sale of assets, as well as provide services such as asset management, structuring and due diligence to HSBC’s fund, it said in a statement on Monday.

The Saudi Arabia and UAE logistics sectors are ranked the third and fifth most attractive within emerging markets, according to the Agility Logistics Market Index.

Saudi Arabia’s economic reform programme, known as Vision 2030, is expected to increase government spending on air and sea port infrastructure, the statement said, as the kingdom tries to reduce its dependence on oil.

“With Saudi Vision 2030 and the resilience and prosperity of the Dubai logistics market, Saudi Arabia and the UAE remain key markets for Arcapita,” said Martin Tan, Arcapita’s Chief Investment Officer.

Reporting by Saeed Azhar; Editing by Sunil Nair

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