I am writing from Bahrain, where I am currently doing research with CRGP's local partner, EMP (Emerging Markets Partnership) Bahrain. EMP Bahrain is a subsidiary of EMP Global, an international private equity firm that focuses on infrastructure investment in emerging markets. My work has centered on their $730 million Islamic Development Bank Infrastructure Fund. The Fund has invested in companies that promote economic development in the Middle East and Asia on a commercial basis.

With rapid regional growth rates and the recent rise in oil prices, demand for infrastructure in the Middle East is surging. EMP's assets have served as incredible case studies to learn about large-scale infrastructure projects in the region. These examples have introduced me to essential principles of project finance and management. I have also gained exposure to the various strategies that local governments have used to promote private participation in infrastructure development. There is a complex network of interaction between local fund managers, project developers, and multilaterals like the Islamic Development Bank. It has been particularly fascinating to observe the relationship that is developing between the Middle East and Asia through the exchange of energy resources. Next week I will be traveling to Turkey to visit TAV Airports, one of EMP Bahrain's portfolio companies and the largest private sector operator of airports in emerging markets. TAV operates 9 airports in the region on a Build-Operate-Transfer basis. I am looking forward to the opportunity to interact with their management and gain greater insight into their business model.

My incredible research experience has been matched with an equally enjoyable opportunity to explore local culture. The region features a fascinating mix of new and old. High-tech modern projects are developing over a backdrop of ancient ruins and crowded souks. The pace of development is truly extraordinary. Living in the region has allowed me to place my research into a greater context. It is the combination of these two elements, the work and the exploration, which has given this summer its incredible value. And at 115 degrees Fahrenheit, what a summer it has been!

Posted by rjorr at September 1, 2008 12:44 PM