Gulf Capital Closes Three New Growth Capital Transactions in Egypt, Africa and Turkey

Gulf Capital Closes Three New Growth Capital Transactions in Egypt, Africa and Turkey
December 13, 2017

Gulf Capital, one of the largest and most active alternative asset managers in the Middle East, today announced that its Private Debt Fund, Gulf Credit Opportunities Fund II, has closed three new investments for a total of US$ 46 million (AED 170 million) to support the growth plans of companies in Egypt, Sub-Saharan Africa and Turkey through structured capital solutions. All three debt transactions were executed in the fourth quarter of 2017. With a total of AED 1,744 million (US$ 471.35 million) in Assets Under Management in its private debt financing business, Gulf Capital remains the largest provider of private debt outside the traditional banks in the region.

The latest transactions bring the total number of investments of Gulf Capital’s Gulf Credit Opportunities Fund II to four, deploying over 30% of its second fund. They cover diversified sectors across the three geographies, including transportation and logistics in East Africa, oil and gas infrastructure in Egypt and consumer services in Turkey.

Dr Karim El Solh, Chief Executive Officer of Gulf Capital, said: “Our investment strategy to fund well-managed mid-cap companies operating in defensive sectors in the Middle East, Turkey and Africa (META) region has proved to be highly effective, both for our business partners and our investors. There is a huge financing gap in these markets where traditional financing is scarce, even for successful small and medium enterprises with excellent track-record looking for growth capital. Our structured investment capital has helped our portfolio companies grow to the next level, while giving our investors attractive risk-adjusted returns with a high current income. Gulf Capital today has become the provider of choice of growth capital for promising and fast-growing companies in the region.”

Walid Cherif, Gulf Capital’s Senior Managing Director who heads Gulf Credit Partners, commented: “The US$15 million transportation and logistics deal, in particular, marks a new milestone for Gulf Capital and for Fund II, as it is our first transaction in Sub-Saharan Africa. The deal consists of a growth capital investment in one of the leading logistics company in Eastern Africa. With operations based in Tanzania and Kenya, the company offers trans-national road and rail transportation of fuel, edible oils and lubricants, bulk cargo and dry goods across East and Central Africa.

He added: “The second US$22 million transaction in the infrastructure space of oil and gas in Egypt supports the growth and operational needs of a leading Liquefied Petroleum Gas (LPG) and Gasoil storage and delivery services to the Egyptian Government. This investment is the fifth for Gulf Capital in Egypt and the second for Fund II.”

Gulf Capital also closed during this period a highly structured capital transaction in a consumer water filtration company in Turkey. The funding will be used to implement the growth plans of the company, which offers subscription-based, customer service focused, water filtration services to residential and commercial customers in the country.

The last investment represents the 12th investment for Gulf Credit Partners, the manager of Gulf Capital’s structured investments and private debt funds, and the fourth from its most recent fund, closed in 2016 at US$ 250 million.

Gulf Credit Opportunities Fund II seeks to provide tailored financing solutions to mid-market companies in the META region. Gulf Credit Partners invests in companies that generate revenues between $10 million and $200 million and operate in growth sectors that are consumer focused and that are defensive in nature such as the healthcare, education, power and water, F&B, and FMCG sectors amongst others.

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Fraud Alert

Fraud Alert - Important alert to Gulf Capital Investors,Shareholders, the Financial Services Community and the Public

Fraudsters are engaging in a fraudulent email and website scams whereby websites and communications are targeting members of the public and potential investors (victims) by fraudulently using the identity of legitimate members of Gulf Capital's Executive team or Gulf Capital's Board of Directors to solicit investments, fake job offers and other dealings, without authority, and for a malicious purpose. Neither Gulf Capital's Chief Executive Officer nor any members of its Board of Directors or other members of its Executive team have made any offers for investment partnership, offers of employment or other dealings through these channels and the names, and identities of such individuals are being used illegally and without their consent.

Gulf Capital and its management have taken and will continue to take legal action against anyone found misusing Gulf Capital's name or the names or identities of any members of the Board of Directors of Gulf Capital or Gulf Capital's Executive team illegally or without consent for whatever reason.

Report Scams

We invite you to immediately contact fraud-detection@gulfcapital.com* if any of the following occur:

  1. You have received any unsolicited correspondence or investment advice or you think you have been contacted in relation to a possible scam (whether by telephone, email or courier) by sources fraudulently impersonating Gulf Capital's Board of Directors or any members of Gulf Capital's Executive team.
  2. You have received notice from anyone outside of Gulf Capital informing you or raising concern regarding the fact that they may have been contacted by any sources fraudulently impersonating Gulf Capital's Board of Directors or any members of Gulf Capital's Executive team.
  3. You have received any communications referencing any of Gulf Capital's Board of Directors that you consider are suspicious or which you are not sure how to respond to.
  4. You have any concerns about the authenticity of any website passing itself off as a website operated by Gulf Capital or referencing the names and identities of the Board of Directors of Gulf Capital or any of its Executive team without authority.
*Note: When forwarding suspicious e-mails to fraud-detection@gulfcapital.com:
  1. Do not modify the original subject line or contents enclosed, and do not include any personal or confidential information.
  2. Forward the full internet headers of any suspicious emails to fraud-detection@gulfcapital.com before deleting as this information willhelp Gulf Capital to track the true origin of the correspondence. The internet headers can be found through your e-mail system from within the e-mail. For example, in Microsoft Outlook, you can find the internet headers by opening the e-mail, then choosing "View" and "Options". Depending on the e-mail system that you use, the process for locating the internet headers will vary. We recommend you either copy and paste the internet header and message into a new e-mail or scan the e-mail and full headers and send as a PDF attachment to ensure it is received by fraud-detection@gulfcapital.com.

Protect Yourself

  1. We recommend that you avoid getting into a conversation with any fraudsters or revealingany personal or identifying information, but you should endeavor to record thepurported name of the person and organisation along with any other information they give you (e.g., telephone number, address etc.) and then forward all such information to fraud-detection@gulfcapital.com.
  2. You should obtain independent legal and financial and professional advice before handing over any funds or entering into any agreements in relation to such solicitations.
  3. We recommend that you not respond or open any attachments or links associated with any suspicious e-mails.
Copyright © 2017 Gulf Capital Pvt. JSC. All rights reserved.

Illegal Use of Gulf Capital's Name

Phishing Email Alert

Gulf Capital Pvt. JSC has recently become aware of a spate of fraudulent emails purporting to offer financing from, and employment at, Gulf Capital and Gulf Capital Limited (DIFC). and misusing the official Gulf Capital logo and trade name. These emails do not originate from Gulf Capital or any of our affiliates. If you have received any such email, do not click any links in the email or provide any personal information (e.g. your bank details or copies of identity documents).

There are a number of illegal advance fee scams in operation where our name and those of our Board of Directors and Senior Management are being impersonated and abused.

The Gulf Capital name, and sometimes the names of individual employees within our firm, have been used in various fraudulent scam emails, letters and phone calls. These communications typically seek to attract a victim by suggesting that project funding or a job can be obtained by paying an upfront fee. Sometimes fake documents are sent to the victim and websites mimicking the Gulf Capital name and brand are used.

Common themes include:

  • the use of similar domain names designed to appear legitimate; examples include using phishing email accounts from domains such as: @gulfcp.com, @gullfinvest.com, board members name@outlook.com, @gulfunioninvestment.com, name@gullfcapital.com
  • offers of work/visa services related to employment in the Middle East upon payment of administrative, medical and other fees;
  • offers of project financing upon payment of a fake surety bond and due diligence fees;
  • forged Board of Directors resolutions approving loans, MOUs, loan agreements claiming "100% refundable" professional service fees;
  • bogus look-alike websites;
  • fake profiles on LinkedIn and My Opportunity purporting be Directors or Management of Gulf Capital;
  • "signed" and stamped contracts purporting to be provided by us regarding project financing; and
  • use of our UAE telephone numbers by criminal impersonators.

This is not an exhaustive list of scams. New schemes designed to steal the business public's money or personal data are being invented all the time or for use in other illegal activities. Please act prudently and sensibly for your own protection and take note of our Fraud Alert on our website. The perpetrators may not always request money or personal details on initial contact, but often wait until the victim has responded.

Please note that Gulf Capital and its Management and Directors have no involvement in these or any other scams, and will vigorously prosecute any violators in tandem with the concerned authorities. Our name is being used in an unauthorized and illegal way. Note that we do not use Gmail, Hotmail, Outlook or Yahoo addresses.

We recommend you delete scam emails and do not reply to scam letters, emails, calls or faxes, and do not send money to strangers. If you need to confirm with us whether a communication is genuine, please contact us at fraud-detection@gulfcapital.com.

I have read and understood the Fraud Alert, Terms & Conditions of Use and Privacy Policy. I accept the terms and condition therein and wish to proceed to the Gulf Capital website.