Middle East and South Asia-focused private equity and real estate investment firm HBG Holdings has hired Razak Dawood, Pakistan's trade and industry minister from 1999 to 2002.
Dawood will advise the Dubai-headquartered firm on its investments in South Asia.
“We are committed to investing in South Asia and are in the process of evaluating a number of potential transactions, mostly in partnership with operating groups based in Saudi Arabia,” HBG managing director Zulfi Hydari said in a statement.
Dawood is currently the chairman of Descon Engineering, a Pakistani company with interests in engineering, construction, chemicals, trading and information technology. He has in the past served on the boards of ICI, which manufactures and sells industrial and consumer products; State Bank of Pakistan, the central bank of Pakistan; and Pakistan International Airlines, the state-owned carrier.
He has also been a managing director of chemicals company Dawood Hercules and Lawrencepur Woollen Mills, a textile company.
HBG will invest in South Asia through HBG Investment Holdings, a $500 million vehicle. Established in 2004, the firm has offices in Jeddah and Dubai.