United Gulf Financial Services North Africa (UGFS) Completes First Closing of D100 Million Fund
Overview: United Gulf Financial Services North Africa (UGFS) has successfully completed the first closing of its fund, aiming for a total size of D100 million. The first closing reached approximately 50% of the targeted amount, and UGFS is optimistic about raising an additional 30%.
Key Points:
Fund Size: UGFS’s fund is targeted to reach a total size of D100 million.
First Closing: The first closing of the fund has been completed, securing around 50% of the targeted amount.
Additional Fundraising: UGFS aims to raise an additional 30% of the fund size, indicating confidence in attracting more investors.
Mohamed Salah Frad: Mohamed Salah Frad, the managing director of UGFS, provided insights into the fund’s progress and future fundraising plans.
Implications: The successful completion of the first closing and the optimism about raising additional funds suggest investor interest and confidence in UGFS’s fund. The fund’s focus and utilization of the raised capital, as well as its impact on the North African financial landscape, will be crucial aspects to monitor as the fundraising continues.