Oman-Spain Investment Fund promoted by COFIDES and the State General Reserve Fund of the Sultanate of Oman to be managed by MCH
Madrid, 6h June, 2018. The Compañía Española de Financiación del Desarrollo, COFIDES and the State General Reserve Fund (SGRF), the Sultanate of Oman’s sovereign wealth fund, have selected MCH Private Equity (MCH) to manage the joint investment fund created by both entities. MCH was selected following a rigorous bidding process that was launched at the end of December 2017.
Oman-Spain Investment Fund came in the wake of the MoUs signed in different fields during the royal visit of His Majesty King Juan Carlos of Spain to Oman in 2014.
SGRF and COFIDES, the latter acting on its own behalf and as manager of the FCPJ Foreign Investment Fund (FIEX), are the sole investors of the fund (together with the additional commitment of the grantee). It involves a 50/50 joint investment between Omani fund and the Spanish public sector of 100 million Euros, in such a way that COFIDES will contribute 1 million Euros from its own resources and 99 million Euros from the FIEX, which COFIDES exclusively manages on behalf of the State Secretariat for Trade Commerce, attached to the Ministry of Economy, Industry and Competitiveness.
The Fund will make investments in companies of Spanish mid-cap groups with international projection plans with the objective of benefiting the interests of both countries with an initial focus on Oman and Spain. The main sectors focus of the Fund are construction materials, manufacturing, mining, tourism, logistics, health, infrastructure, energy and food-agri business.
The Fund will allow Oman to benefit from the experience and technological knowhow of Spanish companies through the creation of employment, technology transfer and investment profitability. It will also provide Spanish companies with a new financing instrument to encourage their expansion abroad, the consolidation and growth of the parent company and, at the same time, contribute to the development of Oman and Spain.