The announcement was made during a panel discussion on the future of Private Equity, on the third day of the Private Equity Programme conducted by LBS in Dubai.

The programme was the first of its kind in the Middle East, and was taught by leading experts Professor Eli Talmor and Professor Oliver Gottschalg. Because of the very high demand for the programme, Dr Kevin Dunseath, Director of LBS, Dubai Centre, expressed his hope that it would be repeated later in the year.

Dr Omar Bin Sulaiman, Governor of the DIFC commented: "As an increasingly prominent component of the region's financial industry, Private Equity firms have experienced unprecedented growth and development in recent times. By establishing DuPEN, the DIFC is once again reaffirming its commitment to providing pioneering initiatives to support and promote a cooperative working environment at the centre."

Madhukar Soni of Ernst & Young Corporate Finance added: "The aim of DuPEN is to build awareness about the Private Equity industry in Dubai and to strengthen ties between professionals working in the industry. By harnessing the power of networking and the community, DuPEN will add considerable value to the development of the Private Equity industry in the region."

Private Equity activity in the region is evolving to a more mature stage, as witnessed by the increasing size of deals and by greater value creation and opportunities for exits, according to the DIFC.

Improving investment conditions, the availability of liquidity as a result of high oil prices, family businesses looking at new ways of raising capital, and mounting international interest in the Gulf have further increased the attractiveness of Private Equity as a viable regional asset class.

"DuPEN will provide a platform for the growing number of dynamic professionals involved in the entire Private Equity value chain, including financial and legal advisors, investment bankers and associated professionals," noted Christian Sardy of HSBC Private Equity Middle East.

"The launch of DuPEN is in line with the aim of the DIFC to become the regional hub of the Private Equity industry," added Faten Hani, the CEO of the DIFC Centre of Excellence.

Key activities of DuPEN will include education workshops conducted by seasoned professionals involved in the Private Equity industry. These will focus on practical and relevant subject matter that members can immediately apply to their professions, and would include topics covering the whole of the Private Equity value chain.

Roundtable and panel discussion formats will create intimate settings that will foster worthwhile interaction between speakers and members.

DuPEN's networking events will assist professionals within the Private Equity and Venture Capital industries to develop their investing-specific skills, share experiences, benchmark best practices and build networks of fellow investors that will benefit them throughout their careers.