Global Investment House, the Kuwaiti investment bank, on Tuesday announced plans to raise $500m (£256m) for a new private equity fund that will invest in financial services companies across the Middle East and North Africa.

GIH, founded a decade ago and run by Maha Al Ghunaim, one of the best-known businesswomen in the Gulf, plans to transfer eight of its financial services investments in its target region to the new fund as part of the initial public offering.