BNP Paribas may raise $300m for Gulf PE fund

French bank BNP Paribas may raise up to $300 million (Dh1.10 billion) for a private equity fund active in the Gulf Arab region to tap opportunities arising from the financial crisis.

BNP is looking to raise $150m in the first phase by mid-October and possibly a further $150m later, its regional Chief Executive, Jean-Christophe Durand, told reporters.

Private equity in the Middle East is expected to pick up again by the year end, as banks become more willing to lend.