The transaction completed on Tuesday 1^st of March 2016 following the receipt of all requisite approvals, including from the Authority for Electricity Regulation, Oman.

MENA Infrastructure Fund LP is a $300 million fund managed by MENA Infrastructure, a specialized infrastructure fund manager, established by HSBC, Fajr Capital and Waha Capital. The fund invested in Manah IPP in 2009, becoming the single largest shareholder.

The Manah IPP is a 270 MW open-cycle natural gas fired power plant which is located near Nizwa in Oman on 200 acres of land, approximately 180 kilometres south-west of Muscat. The plant sells power to the Oman Power & Water Procurement Company, the single-buyer in the Oman electricity market.

Khaled Al-Juffali, Chairman of KJEU, said “Our entry into the Oman market is a first step in KJEU’s strategy to internationalize our business. Manah IPP is a high-quality asset managed by a very professional team, including Omani and international power-industry experts”.

H.E. Hussain Al Nowais, Chairman of MENA Infrastructure, said: “Our investment has contributed to the development of the Omani power market. Manah IPP, Oman’s first independent power project, has been an overwhelming success, and will continue to be as KJEU becomes the latest international investor in the Omani power market.”

Bander Allaf, KJEU’s CEO, said: “We have built a strong team capable of assembling a world class portfolio of projects, such as Manah IPP. The plant has demonstrated exceptional reliability and performance, successfully meeting its long-term power purchase agreement.”

Jeronimo Roura, CEO of MENA Infrastructure, said: “This is MENA Infrastructure’s second exit and we are delighted with the result. This transaction demonstrates once again the confidence of foreign investors in the Omani power market. We are proud to bring KJEU to Manah IPP as the new largest shareholder in the company, and we are thankful to the management team of Manah IPP for their continuous exceptional performance.”

About MENA Infrastructure
MENA Infrastructure is a pre-eminent infrastructure equity investor and fund manager focusing on investments in the Middle East, North Africa and Turkey (MENAT) region.

Founded in 2007 and owned by HSBC, Fajr Capital and Waha Capital, MENA Infrastructure currently manages a US$300 million infrastructure fund from its headquarters in the Dubai International Financial Centre. MENA Infrastructure has executed some of the region’s landmark transactions and holds a collection of well-regarded awards which bear testament to its superior performance.

About KJEU
Khaled Juffali Energy and Utilities (KJEU) is engaged to develop, build and then operate conventional and renewable energy facilities across MENA region with intention to maximize local content and know how transfer among the electricity industry.

KJEU remains technology agnostic, selecting whichever is the most appropriate equipment applicable to each individual project specifications, location and environment. The company offers BOT, BOO and EPC contracts together with full Operations & Maintenance servicing post completion.

About Manah IPP
United Power Company (SAOG) was formed and registered as a joint stock company on January 9th, 1995. Prior to the sale of its stake, MENA Infrastructure Fund LP owned 38.1% and the remaining stake is owned by Ministry of Defence Pension Fund (5.5%), MGEC (Oman) Holdings Limited (16.2%), while the other 40% is publicly owned and listed on the Muscat Security Market. Manah IPP owns a 270 MW open-cycle natural gas fired power plant that located near Nizwa in Oman on 200 acres of land, approximately 180 kilometres South-West of Muscat with an elevation of 378 meters above sea level. Manah IPP sells power to the Oman Power & Water Procurement Company, the single-buyer in the Oman electricity market.

For further information:
Jeronimo Roura
Chief Executive Officer, MENA Infrastructure
E media@menainfrastructure.com
T +971 4 270 6800

MENA Infrastructure Fund LP is a $300 million fund managed by MENA Infrastructure, a specialized infrastructure fund manager, established by HSBC, Fajr Capital and Waha Capital. MENA Infrastructure invested in AICT in 2008 alongside majority shareholder Hutchison Port Holdings.

AICT owns and operates two fully integrated container terminals at Alexandria and El Dekheila, with a capacity of approximately 680,000 TEUs. The Alexandria and El Dekheila port is considered one of the main commercial ports serving Egypt and Egypt’s main import-export hub on the Mediterranean, handling almost 60 percent of Egypt’s foreign trade.

H.E. Hussain Al Nowais, Chairman of MENA Infrastructure, said: “The fund’s investment in AICT has been very successful, contributing to the development of strategically important container terminals into important conduits of trade, linking Egypt to major overseas markets in Europe and North America”.

Jeronimo Roura, CEO of MENA Infrastructure, commented: “We are proud to have been an investor in the early life of AICT and overseen the transformation of the Alexandria and Dekheila port into world-class container facilities. This successful exit validates the investment strategy of MENA Infrastructure of partnering with leading developers of essential private infrastructure in high growth markets”.

This is the first exit by the MENA Infrastructure Fund LP, which was established in September 2007 to invest in infrastructure assets in the Middle East and North Africa region.

About MENA Infrastructure
MENA Infrastructure is a pre-eminent infrastructure equity investor and fund manager focusing on investments in the Middle East, North Africa and Turkey (MENAT) region.

Founded in 2007 and owned by HSBC, Fajr Capital and Waha Capital, MENA Infrastructure currently manages a US$300 million infrastructure fund from its headquarters in the Dubai International Financial Centre. MENA Infrastructure has executed some of the region’s landmark transactions and holds a collection of well-regarded awards which bear testament to its superior performance.

About AICT
Alexandria International Container Terminals (AICT) is a joint venture between Hutchison Port Holdings, Al Blagha Holding Group and the Alexandria Port Authority that operates two fully integrated container terminals at Egypt‘s main commercial ports of Alexandria and El Dekheila in the Mediterranean Sea.

For further information:
Jeronimo Roura
Chief Executive Officer, MENA Infrastructure
E media@menainfrastructure.com
T +971 4 270 6800

MENA Infrastructure Fund LP, the leading specialist infrastructure private equity fund, sponsored by Waha Capital PJSC, Fajr Capital Ltd and HSBC Group, has acquired a 20% shareholding in Sohar Power Company SAOG (“Sohar Power”).

Sohar Power is a Muscat-listed company that owns and operates a 585 megawatt power plant and an associated 150,000 m³ water desalination plant in the Sohar Industrial Port area of Oman. Since reaching commercial operation in May 2007, Sohar Power has enabled vital job creation in Oman and has provided significant base load capacity to the Sultanate’s power and water networks.

The landmark transaction was awarded “Middle East Infrastructure Equity Deal of the Year” for 2012 by the Infrastructure Investor Magazine. The publication also recognised MENA Infrastructure as the “Middle East Infrastructure Fund Manager of the Year” for 2012.

The US$300 million MENA Infrastructure Fund L.P. was launched in 2007. The Sohar Power acquisition marks the fund’s fourth major investment, having previously acquired stakes in Alexandria International Container Terminals in Egypt, United Power Company in Oman and Hajr Electricity Production Company in Saudi Arabia. MENA Infrastructure Fund L.P. is also part of the consortium that, together with ACWA Power and Samsung C&T, is the preferred bidder in the Rabigh 2 IPP project in Saudi Arabia.

Commenting on the Sohar Power acquisition, H.E. Hussain Al Nowais, Chairman of MENA Infrastructure and Chairman of Waha Capital Ltd, remarked “We are delighted to see MENA Infrastructure Fund L.P. add Sohar Power to its investment portfolio. The market for infrastructure investment remains strong and MENA Infrastructure has successfully positioned itself as a leading infrastructure asset manager in Middle East and North Africa”.

Iqbal Khan, Board Member of MENA Infrastructure and CEO of Fajr Capital Ltd, added: “The award-winning Sohar Power investment reinforces infrastructure as an attractive asset class in the Middle East and North Africa. We look forward to continue playing an active role in developing infrastructure and economic prosperity across the region.”

Mark Lemmon, CEO of MENA Infrastructure, said “This acquisition marks the fourth investment of MENA Infrastructure Fund L.P. and consolidates our fund as the most successful infrastructure fund in the Middle East and North Africa”.

UPC is listed on the Muscat Securities Market, with 40% of its equity capital being publicly traded. MENA Infrastructure Fund has acquired 32.8% of the founders’ shareholding in the company from GDF Suez, the French energy giant in a competitive auction process pursuant to a requirement by the Omani electricity regulator for GDF Suez to divest its shareholding in UPC. Following the transaction, MENA Infrastructure Fund becomes the largest shareholder in UPC.

UPC owns and operates a 270 megawatt power station in Oman, the first independent power project to be developed in the Middle East with private sector participation.

The acquisition marks the Fund’s second investment, having acquired an equity stake in Egypt’s Alexandria International Container Terminals in 2008.

“This acquisition further establishes MENA Infrastructure Fund as a leading infrastructure investor in the region,” said Mark Lemmon, CEO of the Fund. “Oman has been a pioneer in the Middle East in achieving a significant role for the private sector in the country’s utilities and infrastructure, and this transaction marks the first time that a pure financial investor has acquired an Omani infrastructure asset. Following on from the Fund’s earlier investment in Alexandria Container Terminal, the UPC transaction delivers a healthy diversity of sector, geography, and business model for the Fund’s investors.”

The UPC power plant, located in Manah, 180km south west of Muscat, has been operational since 1996, and has a further ten years of Power Purchase Agreement contract remaining with the Omani Power and Water Procurement Company.

The company is debt-free, has strong cash-flows, and scope for future expansion. MENA Infrastructure Fund is a USD500 million infrastructure equity fund established in 2006. At its first close in September 2007, it raised commitments aggregating USD300 million. Its investors include leading international and regional financial institutions and pension funds.

MENA Infrastructure Fund targets a broad range of investments within the infrastructure asset class, including utilities, transportation, social infrastructure and public private partnerships. Across this spectrum the Fund makes investments in projects and companies in their early stages of development, as well as being a provider of capital to companies which are in their operational or growth phases. The Fund is a long term investor and seeks to work with leading developers and operators of infrastructure assets.

AICT is a part of the Hutchison Port Holdings’ (HPH) global network of container terminals. HPH is the leading independent port developer and operator in the world with 47 terminals in 24 countries and handling 66.3 million twenty-feet equivalent unit containers (TEUs) in 2007. In its short operating history, AICT has established itself as the preferred terminal operator by achieving high levels of operating efficiency and customer satisfaction. The acquisition positions the MENA Infrastructure Fund in a fast-growing industry in a rapidly-emerging geography. Egypt has seen average annual cargo growth of over 12% since 1996, and Alexandria/Dekhelia is the country’s leading gateway port.

Commenting on the acquisition, Robert Swift, CEO of the MENA Infrastructure Fund, said: “We are pleased to have completed our first investment and for that investment to be in the ports sector in Egypt. AICT’s container terminals at the Ports of Alexandria and Dekheila completed their first phase of development in May 2007 and early growth in throughput has been strong. We see strong growth for the Egyptian economy in the years ahead and this will drive further development of the container import and export business, the focus of activity at the Ports of Alexandria and Dekheila. As a specialised infrastructure fund we will work with the Alexandria Port Authority, the other shareholders and the management of AICT in the development of this economically strategic and important asset for Egypt.”

Mr Ahmed Lokma, Chairman of AICT commented: “We welcome the MENA Infrastructure Fund as a strategic investor in AICT. We are confident AICT will benefit from the knowledge and experience of the Fund’s investment team. This investment is a vote of confidence in not only AICT’s future prospects but also the positive investment climate that has been provided by the Egyptian government for attracting foreign investment into the critical infrastructure sector.”

Mr Gerry Yim, Head of the Americas, Middle East and Africa, Hutchison Port Holdings, said: ”We are pleased that the business strength of AICT has been recognised by a leading institutional investor. As part of HPH’s global network of world-class terminals, AICT is strongly placed to benefit from continued growth in Egypt’s external trade and we look forward to working with the MENA Infrastructure Fund in successfully executing the business plan.”

The MENA Infrastructure Fund targets a broad range of investments within the infrastructure asset class, including utilities, energy, transportation, social infrastructure and public private partnerships. Across this spectrum the Fund makes investments in projects and companies in their early stages of development, as well as being a provider of capital to companies which are in their operational or growth phases. The Fund is a long term investor and seeks to work with the developers and operators of infrastructure and energy assets.

The MENA Infrastructure Fund is sponsored by DIC Asset Management Limited, a wholly-owned subsidiary of Dubai International Capital LLC, the international investment arm of Dubai Holding; HSBC Bank Middle East Limited (HSBC), a global bank with a long established MENA presence; and Waha Capital PJSC, a world-class leasing and infrastructure finance company. All three sponsors of the MENA Infrastructure Fund are also investors in the Fund. Other investors comprise leading pension funds and financial institutions from across the MENA region and Europe.

DUBAI – 17th April 2008

The MENA Infrastructure Fund is sponsored by DIC Asset Management Limited, a wholly-owned subsidiary of Dubai International Capital LLC, the international investment arm of Dubai Holding; HSBC Bank Middle East Limited (HSBC), a global bank with a long established MENA presence; and Oasis International Leasing PJSC (Oasis), a world-class leasing and infrastructure finance company. All three sponsors of the MENA Infrastructure Fund are also investors.

Investor appetite for the Fund was strong across the MENA region, with leading pension funds and financial institutions investing. The Fund was also successful in attracting investment from wider international sources, in particular Europe, indicating the growing global awareness and interest in the MENA region.

Commenting on the first close, Robert Swift, CEO of the MENA Infrastructure Fund, said: “We are pleased to have completed the first round of fundraising for the MENA Infrastructure Fund. The positive response by investors is indicative of their confidence in the region and in the Fund’s ability to deliver attractive returns from an asset class with low volatility. With the phenomenal economic growth we are witnessing in the region, the infrastructure and energy sectors provide a range of investment opportunities and this fund was distinctively-designed to allow investors to gain exposure to these vital and growing sectors. The Investment Team at the fund has a number of investment initiatives already underway.”

The Fund targets a broad range of investments within the infrastructure asset class, including utilities, energy, transportation, social infrastructure and public private partnerships. Across this spectrum the Fund intends to make investments in projects and companies in their early stages of development, as well as being a provider of capital to companies which are in their operational or growth phases.

According to Salem Rashid Al Noaimi, Acting CEO of Oasis Leasing, “The Fund’s distinctive asset class provides investors with the opportunity for sector and geographyspecific diversification of their portfolio and attractive returns on their investment. The growth of the infrastructure and energy sectors in the MENA region is being driven by strong economic fundamentals and therefore investment opportunities for the MENA Infrastructure Fund are expected to increase steadily in the immediate future.”

The Fund is a long term investor and seeks to work with the developers and operators of infrastructure and energy assets. Rabih Khoury, CEO of Emerging Markets at DIC pointed to the fact that the powerful partnership of DIC along with HSBC and Oasis provides an unrivalled combination of regional expertise, skills, relationships and financial strength.

“Investors will benefit from the experience and relationships of the three sponsors in the delivery of investment opportunities. In addition to the well-recognised stability and return prospects of the infrastructure asset class, the MENA Infrastructure Fund offers the added advantage of focusing on a region with a high-growth profile and hence large required infrastructure investments,” Khoury said.