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Europe, Middle East & North Africa


IFC, in conjunction with the Dubai-based Hawkamah Institute for Corporate Governance, has developed an index that encourages responsible and sustainable investment practices in the Middle East
The culmination of three years of work by IFC’s treasury, accounting and legal departments—as well as participating Islamic scholars—came to fruition in December 2009 wi

Contact Information

Deepak C. Khanna

Chief Investment Officer
Tel: +971 4 360 1000
DKhanna@ifc.org

IFC in United Arab Emirates

 

Our Strategy

IFC’s strategy in the UAE focuses on encouraging local businesses to invest in emerging and regional markets and encouraging good corporate governance in UAE businesses operating domestically and abroad. We're also helping improving the financial infrastructure of the country and facilitating cross border investments. In addition, we focus on extending access to finance to small businesses and entrepreneurs to support job creation, and promote environmental sustainability.

 

Investments

IFC efforts in the UAE have largely focused on financial markets and facilitating cross-border investments in recent years. IFC has made several major investments in the country, including:

  • A $10.5 million equity investment in ACWA, a UAE/Saudi Arabia-based regional power developer, to support its acquisition of existing power plants in Jordan. 
  • $20 million to Sakr Energy Solutions (SES), a UAE-based multi-regional power equipment rentals and emergency power solutions provider, to support its expansion in MENA and Africa. 
  • $75 million in debt financing to Gulftainer, a UAE-based port operator, to support its expansion into Iraq.
  • A $24 million investment in Zulekha Hospitals Group to support its expansion and bring affordable health care services to India.

 

Advisory Services

In the UAE, IFC Advisory Services work to promote corporate governance practices and environmental sustainability. Among other things we have:

  • Worked with Arab Monetary Fund (AMF) to improve credit reporting in the region, and support legislation to enhance the rights of creditors. This has been done through two main initiatives, the Arab Credit Reporting Initiative and Arab Secured Lending Initiative.
  • Helped develop an index that encourages responsible and sustainable investment practices in the Middle East and North Africa by measuring the environmental, social, and corporate governance performance of hundreds of listed companies in the region. IFC helped found Hawkamah in order to promote corporate governance reforms.
  • Signed with Khalifa Fund for Enterprise Development an agreement to develop the SME Toolkit web platform for local micro, small, and medium businesses. It provides them with expert information, training resources, and interactive tools, helping these firms implement sound business practices.
  • Worked with Dubai SME to provide corporate governance training to 100 small businesses in the UAE.

 

 

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