Early Warning System

Regions

Middle East and North Africa

Geographic location where the impacts of the investment may be experienced.

Countries

Oman
Saudi Arabia

Geographic location where the impacts of the investment may be experienced.

Financial Institutions

Asian Infrastructure Investment Bank (AIIB)

International, regional and national development finance institutions. Many of these banks have a public interest mission, such as poverty reduction.

Project Status

Approved

Stage of the project cycle. Stages vary by development bank and can include: pending, approval, implementation, and closed or completed.

Bank Risk Rating

Environmental and social categorization assessed by the development bank as a measure of the planned project’s environmental and social impacts. A higher risk rating may require more due diligence to limit or avoid harm to people and the environment. For example, "A" or "B" are risk categories where "A" represents the highest amount of risk. Results will include projects that specifically recorded a rating, all other projects are marked ‘U’ for "Undisclosed."

Voting Date

Nov 9, 2022

Date when project documentation and funding is reviewed by the Board for consideration and approval. Some development banks will state a "board date" or "decision date." When funding approval is obtained, the legal documents are accepted and signed, the implementation phase begins.

Borrower

Razika Fund

A public entity (government or state-owned) provided with funds or financial support to manage and/or implement a project.

Sectors

Communications
Education and Health
Energy
Finance
Industry and Trade
Infrastructure
Transport

The service or industry focus of the investment. A project can have several sectors.

Investment Type(s)

Loan

The categories of the bank investment: loan, grant, guarantee, technical assistance, advisory services, equity and fund.

Investment Amount (USD)

$ 50.00 million

Value listed on project documents at time of disclosure. If necessary, this amount is converted to USD ($) on the date of disclosure. Please review updated project documents for more information.

Loan Amount (USD)

$ 50.00 million

Value listed on project documents at time of disclosure. If necessary, this amount is converted to USD ($) on the date of disclosure. Please review updated project documents for more information.

Primary Source

Original disclosure @ AIIB website

Updated in EWS Nov 3, 2024

Contribute Information
Can you contribute information about this project?
Contact the EWS Team

Project Description

If provided by the financial institution, the Early Warning System Team writes a short summary describing the purported development objective of the project and project components. Review the complete project documentation for a detailed description.

According to the AIIB, the objective of the project is to mobilize private sector capital into the development of new infrastructure and improve the efficiency of existing infrastructure assets in Oman and Saudi Arabia.

Rakiza Fund I is an infrastructure fund jointly managed by Oman Infrastructure Investment Manager and Equitix with a focus on both brownfield and greenfield infrastructure investments in Oman and Saudi Arabia. The Fund will target assets in the following areas: telecom/digital, transportation, renewable energy, waste management, regulated utilities, social infrastructure, and logistics.

Rakiza Fund I information profile mentions oil and gas as among its target sectors.

Early Warning System Project Analysis

For a project with severe or irreversible impacts to local community and natural resources, the Early Warning System Team may conduct a thorough analysis regarding its potential impacts to human and environmental rights.

The AIIB categorized the E&S risks of the project as 'FI'.

Investment Description

Here you can find a list of individual development financial institutions that finance the project.

Asian Infrastructure Investment Bank (AIIB)

Financial Intermediary

A financial intermediary is a bank or financial institution that receives funds from a development bank. A financial intermediary then lends these funds to their clients (private actors) in the form of loans, bonds, guarantees and equity shares. Financial intermediaries include insurance, pension and equity funds. The direct financial relationship is between the development bank and the financial intermediary.

Equitix (Financial Intermediary)
Oman Infrastructure Investment Management (Financial Intermediary)

Private Actors Description

A Private Actor is a non-governmental body or entity that is the borrower or client of a development project, which can include corporations, private equity and banks. This describes the private actors and their roles in relation to the project, when private actor information is disclosed or has been further researched.

The Razika Fund I is managed by the Oman Infrastructure Investment Management (OIIM) and Equitix.
As stated on the Razika Fund's website, OIIM is a specialist infrastructure manager, with strong network, capabilities, and track record. OIIM is a closed joint stock company registered with the Ministry of Commerce and Industry of the Sultanate of Oman. OIIM is also registered with, and regulated by, the Capital Market Authority of the Sultanate of Oman as an investment manager.
Equitix is a leading investor, developer and fund manager of core infrastructure assets in the UK and Europe.

Contact Information

This section aims to support the local communities and local CSO to get to know which stakeholders are involved in a project with their roles and responsibilities. If available, there may be a complaint office for the respective bank which operates independently to receive and determine violations in policy and practice. Independent Accountability Mechanisms receive and respond to complaints. Most Independent Accountability Mechanisms offer two functions for addressing complaints: dispute resolution and compliance review.

AIIB Team Leader:

Dominic Richards - Senior Investment Officer
Email: dominic.richards@aiib.org

Financial Intermediary - Razika Fund:

Jad Shams - Director, Investor Relations
Email: jad.shams@razikafund.com / info@rakizafund.com
Website: www.rakizafund.com
Address: P.O Box 314, PC 103, Shatti Al Qurum, Beach One Building, Muscat, Sultanate of Oman
Phone: + 968 24968600

ACCESS TO INFORMATION

You can submit an information request for project information at: https://www.aiib.org/en/contact/information-request/index.html

ACCOUNTABILITY MECHANISM OF AIIB

The AIIB has established the Accountability Mechanism for Project-Affected People (PPM). The PPM provides Òan opportunity for an independent and impartial review of submissions from Project-affected people who believe they have been or are likely to be adversely affected by AIIBÕs failure to implement the ESP in situations when their concerns cannot be addressed satisfactorily through Project level GRMs or AIIB Management processes.Ó Two or more project-affected people can file a complaint. Under the current AIIB policy, when the bank co-finances a project with another development bank, it may apply the other bank's standards. You can refer to the Project Summary Information document to find out which standards apply. You can learn more about the PPM and how to file a complaint at: https://www.aiib.org/en/about-aiib/who-we-are/project-affected-peoples-mechanism/how-we-assist-you/index.html

The complaint submission form can be accessed in Arabic, Bahasa Indonesia, Bengali, Chinese, English, Tagalog, Hindi, Nepali, Russian, Turkish, or Urdu. The submission form can be found at: https://www.aiib.org/en/about-aiib/who-we-are/project-affected-peoples-mechanism/submission/index.html