Rasmala records big gains with Poseidon Fund exit

UAE: Rasmala Investment Holdings, which handles mainly Shariah transactions, recorded an eighth time return to participating shareholders – UAE-based family offices, high-net-worth individuals and financial institutions – with its exit from the Poseidon Fund. This fund was structured in a AED220 million (US$59.9 million) deal to grow the capital base of maritime transport services-based Gulf Navigation Holding, which in turn is acquiring biofuels and crude oil storage firm Brooge Energy for AED3.2 billion (US$871 million) – thus leading to Rasmala’s exit, described as its “largest and most significant transaction in the last 24 months”.