Monday, August 19th, 2013
Dallah Al-Baraka Group, a company founded and owned by Sheikh Saleh Abdullah Kamel, has businesses in wide-ranging areas including the media, construction, engineering, Islamic banking and finance, insurance, real estate, tourism, and health care. Although the group has traditionally focused on the Middle East and Europe, it has increased investment in Asia, including Korea, since early this year. Recently the group invested 200 billion won in EastBridge Partners, a Korean private equity fund firm, and 35 billion won in an info-tech venture.
Al-Baraka vice president Malaika also said, "Asian companies such as those from Korea and China are promising investment targets in that they are highly competitive in technology. Given Korea has signed in 2007 a double taxation avoidance treaty with Saudi Arabia, it is a particularly attractive investment destination for Saudi investors." Of the total 2-trillion-won projects the group is promoting in security areas, he said, "At least 40 percent will be procured from Korean suppliers."