Saudi Al Ahli Financial Launches Oil and Gas-Focused Fund

Saudi Al Ahli Financial, an investment bank and asset manager, announced on Wednesday that it has launched a fund that has raised more than $230 million, which will provide investors with the opportunity to invest in the oil and gas sector in a Sharia-compliant structure. The "Al Ahli Financial Oil and Gas Fund I," established by the company’s subsidiary in Dubai, will invest directly in "Repsol E&P," a joint venture between American investment firm EIG and Spanish energy company Repsol. Al Ahli Financial stated in a statement that the fund will give investors access to a global portfolio for exploration and production, with an output capacity of around 600,000 barrels of oil equivalent per day. Repsol will maintain a majority stake in the joint venture while benefiting from EIG’s long track record in investing in capital structures in the global exploration and production sector to maximize value creation and strengthen the capabilities of Repsol E&P.