Siraj and Rasmala announced funds targeting Saudi Arabia

Two Middle East private equity firms, Siraj and Rasmala, have announced funds targeting Saudi Arabia.

Siraj Capital, a Saudi private equity firm, will set up a $100 million private equity fund to acquire small and medium-sized firms in the kingdom - according to the Reuters. The firm will use the fund to make three to four acquisitions in the hospitality, food and beverage sectors, as well as the service industry sector. (Last year, Siraj Capital made three investments in Saudi Arabia, including Saudi fashion brand Lomar, telecommunications contractor and systems integrator Delta United and Holiday Inn Express hotels)

Dubai investors of Rasmala Investments, a Dubai private equity firm, also plans to spend about one-third of proceeds from a planned private equity fund for investments in Saudi Arabia. Rasmala plans to close this year a private equity fund with a target of $350 million, which is focused on investing in the Gulf countries and Egypt.

Siraj Capital is listed in the Middle East Investors Directory with the code BD32 and Rasmala is listed with the code OR48.

More details from the Reuters stories follows