Saudi Arabia, Merak Capital launch $80 million fashion fund
Riyadh-based Merak Capital has set up an $80 million private equity fund to support the fashion industry in Saudi Arabia, anchored by the kingdom’s Cultural Development Fund.
The Fashion Fund will invest across the industry, supporting Saudi labels, as well as beauty brands, e-commerce and technology companies working with apparel.
Saudi Arabia hosted its first ever fashion shows in 2018 and has since established Riyadh Fashion Week and Red Sea Fashion Week.
The sector is poised for significant growth, with fashion and luxury expected to hit $42 billion by 2028, according to industry tracker Fashion Futures.
Carlyle buys Energean gas assets in Mediterranean for $945 million
Carlyle Group is developing plans to form a new Mediterranean-focused oil and gas company after the private equity fund agreed to acquire Energean’s assets in Egypt, Italy and Croatia for up to $945 million.
The deal announced Thursday will allow the U.S. private equity fund to tap into the eastern Mediterranean gas market that has grown rapidly in recent years as gas demand in Egypt soars and Europe seeks alternatives to Russian gas, Reuters reports.
Carlyle International Energy Partners, which handles the firm’s non-U.S. energy investments, said the new company will upgrade existing assets and grow through acquisitions, the news agency said.
London-based Energean, whose main production comes from a gas facility off Israel’s Mediterranean coast, plans to expand to the wider Europe, Middle East and Africa region, Reuters said.
