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SNB Capital launches $230m fund via Dubai-based unit

SNB Capital launches $230m fund via Dubai-based unit
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Riyadh – Mubasher: Saudi investment bank and asset manager SNB Capital launched SNBC Capital Oil & Gas Fund I, which was established by SNB Capital’s Dubai-based subsidiary, SNB Capital (DIFC) Limited.

The newly created fund aims to provide investors with global exposure to the oil and gas industry and its developments through a Shariah-compliant structure, according to a press release.

The fund raised more than $230 million and will indirectly invest in Repsol E&P, a joint venture (JV) between Spain-based energy firm Repsol and EIG.

Being an independent exploration and production (E&P) company operating premium-quality oil and gas fields and developments primarily in OECD jurisdictions, Repsol E&P holds around 50% of the reserves and resources across North America.

This transaction provides a key opportunity to acquire a large-scale portfolio with a production capacity of nearly 600,000 barrels of oil equivalent per day (BOE/D).

Meanwhile, Repsol will retain a majority stake in the JV and leverage EIG’s long track record of investing across the capital structure in the global E&P sector to maximize value creation, enhancing the strengths of Repsol E&P.

Mohammed Al Saggaf, Head of Wealth Management at SNB Capital, said: “This pioneering oil and gas fund serves as a testament to SNB Capital’s commitment to enhancing our international role, fostering deeper engagement with stakeholders, and unlocking unparalleled global opportunities for our investors while achieving sustainable economic diversification, innovation, and prosperity in the investment sector.”

Blair Thomas, Chairman and CEO of EIG, commented: “Our work with SNB Capital is another important step in positioning EIG to meet the twin goals of decarbonisation and reliability, and bolstering our ability to meet the growing global demand for accessible, efficient, and safe energy.”