Saudi-based private equity firm Jadwa Investment Company is raising 2 billion Saudi riyals ($530 million) for a new fund to boost dealmaking in the GCC countries, Bloomberg reported.

The firm is initiating its first blind pool fund to take significant minority stakes in up to 12 companies over the next three years, the news report said.

The fund’s focus will be on investments in the GCC region, comprising Saudi Arabia, the UAE, Qatar, Kuwait, Bahrain, and Oman, capitalizing on the positive economic environment, appealing demographics, and increasing income in the GCC region, the news agency said.

Additionally, the fund will inject capital into growing companies across a diverse set of industries, the report added.

Earlier  in the week, Jadwa acquired Dubai-based Blackspoon Group, the parent company of Allo Beirut. 

(Editing by Brinda Darasha)