Dubai-based private equity firm Saffar launching a PE fund

Dubai-based private equity firm Saffar Capital is launching a private equity fund focusing on financial services in the Middle East to take advantage of an improving outlook in the sector, the company's chief executive Al-Usaimi said - according to the Reuters.

The fund is starting with seed capital of $15 million but is looking to have $150 million under management, Al-Usaimi said. It is the first to be launched by Saffar, which specialises in taking stakes in private equity financial services firms in the region.