DUBAI (Reuters) -Saudi Arabia's Vision Invest has invested $700 million in pan-African industrial zone developer ARISE Integrated Industrial Platforms, ARISE IIP said on Wednesday.
The capital raise is one of the largest private infrastructure transactions in Africa to date, Dubai-headquartered ARISE IIP said. The deal includes both primary and secondary components.
It is the Saudi holding company's first foray into Africa. The investment is earmarked for the continued development of what the company calls "green, inclusive, and sustainable industrial ecosystems".
ARISE IIP aims to accelerate its expansion into new African countries, building on its existing presence on the continent.
Standard Chartered and Norton Rose Fulbright advised ARISE IIP on the transaction. Vision Invest was advised by EFG Hermes and Linklaters.
(Reporting by Hadeel Al Sayegh; Writing by Yousef Saba)