Dubai International Capital Launches Fund Management CompanyPress Release17 Oct 2006 12:13 pm
NewDawn GSE to Manage Initial US$ 2 Billion Global Equities Fund
Dubai International Capital LLC (DIC), the international investment arm of Dubai Holding, has launched NewDawn GSE Asset Management Limited (NewDawn) - a new fund manager to operate in the Dubai International Financial Centre (DIFC).
NewDawn has been established, through DIC’s affiliate, Dubai International Capital Asset Management Limited (DICAM), to operate and manage the Global Strategic Equities Fund, a proposed US$ 2 billion fund investing in Large Cap equities listed on stock markets around the world.
The establishment and licensing of NewDawn is one of the final steps required before DICAM completes the initial closing of the Global Strategic Equities Fund, which is expected in late October. DICAM expects to raise up to US$ 2 billion in equity through two or more closings in the next 12 months.
Sameer Al Ansari, Chief Executive Officer, Dubai International Capital, said: “The launch of NewDawn and the subsequent Global Strategic Equities Fund is an important development in the evolution of DIC and DICAM as global investment entities. Through NewDawn, we hope to build significant stakes in some of the biggest and most influential listed companies in the world and to generate significant returns for investors. Our experience as the third largest shareholder in DaimlerChrysler has been fruitful both financially and strategically. We wish to build on that success through further similar structured investments.”
His Excellency, Dr. Omar Bin Sulaiman, Governor of the DIFC, said: “NewDawn’s launch demonstrates the DIFC’s suitability as a platform for the region’s funds to access foreign capital and invest in markets internationally. The DIFC has provided a solid foundation for NewDawn’s development and the further expansion of Dubai International Capital. In turn, New Dawn has become a tremendous success story, highlighting the benefits of the DIFC’s strong regulatory framework and subsequent opportunities for growth. We expect further significant developments in the coming months as more funds use the DIFC as a strategic centre for international fund development and management”.
Fully recognised and accredited by international standards, NewDawn has been granted a category 3 financial services licence by the Dubai Financial Services Authority (DFSA) permitting it to carry on, among other things, the regulated activities of Operating a Collective Investment Fund and Managing Assets in and from the DIFC.
NewDawn GSE is one of the first companies to receive the license since the Collective Investment Funds Law 2006 - the Middle East's first regulatory framework for the funds industry – came into effect earlier this year.