(MENAFN) Dubai International Capital (DIC) has agreed to sell its stake in a USD300 million Middle East North Africa infrastructure fund to Islamic investment firm Fajr Capital, Reuters reported.
Fajr said it will manage the fund along with its two other partners HSBC Holdings and Waha Capital.
DIC established the MENA Infrastructure Fund in 2007 targeting infrastructure and energy projects in the Middle East and North Africa.
DIC, the private equity arm of Dubai Holding, seeks to raise more than USD150 million from asset sales in 2012, its CEO said in April.
The firm, which was hard hit during the financial crisis due to use of excessive leverage in its investments, had to hand over its ownership of UK budget hotel chain Travelodge as part of a debt restructuring deal.
Fajr Capital, which is backed by prominent investors such as Abu Dhabi Investment Council and Malaysia's state investor Khazanah Nasional Berhad, said it has USD700 million in committed capital.
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