HSBC-led fund buys Oman power stake from GDF

DUBAI, June 29 (Reuters) - A regional infrastructure fund led by HSBC Holdings Plc (HSBA.L) on Monday said it bought a 32.8 percent stake in an Omani power project from French utilities giant GDF Suez (GSZ.PA). The MENA private equity fund, which is backed by HSBC, Waha Capital WAHA.AD and Dubai International Capital, will pay $26.5 million for the stake in United Power Company UPC.OM, becoming its largest shareholder, it said in a statement. The fund's move underlines the growing appetite from Middle-East-based private equity houses to invest in regional infrastructure projects. Gulf Arab oil exporters had amassed enormous surpluses from an oil price rally that started in 2002 and enabled them to invest in building infrastructure... [read full story]                    

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