Amara forms Chinese venture

Amara Holdings forms a joint venture with New China Trust to seek shariah-compliant investments in China.

Amara Holdings, a Dubai-based venture capital company, has formed a joint venture with New China Trust, which manages more than US$4bn in assets, to seek shariah-compliant investments in China. Amara will identify investments with Shangi Ding Hai Investment Co, a unit of New China Trust, to explore opportunities in agriculture and utilities. "The current market environment presents us with unprecedented opportunities to invest in China at very attractive valuations," Dr Musab Jassim, the executive chairman, of Amara said in a statement. "Our strategy is to focus on sectors that are fundamental to the domestic economy and growth of China and provide the best possible return to our investors." China, home to more than 20 million Muslims, is witnessing increased investment from Gulf states seeking to tap returns from the world's third-largest economy. "The focus of investments so far is on core economic sectors, such as agriculture and utilities," said an Amara spokesperson. New China Trust specialises in capital raising for infrastructure and provides structured trust products. Barclays Capital last August took a 19.5 per cent stake in the company. [e-mail]