Dubai-based Abraaj Group closes second North Africa fund at $375m

25/08/2015 08:15 AST

Abraaj Group has closed its second North Africa fund at US$375 million as the Dubai-based private equity firm seeks to boost investments in Africa after raising $990m this year for sub-Saharan opportunities. The fund yesterday said it would invest in mid-market companies in Algeria, Egypt, Morocco and Tunisia, focusing on sectors that benefit from a rising middle class, such as health care, education, and consumer goods and services.

The fund aims to acquire majority and significant minority stakes in businesses.

“North Africa has the highest income level on the continent with a middle class that is expected to double its total consumption between 2014 and 2024, leading to the creation of further investment opportunities across diverse sectors,” said Arif Naqvi, the group chief executive of Abraaj Group.

European and North African investors provided about 63 per cent of the capital for the fund, and pension funds and development finance institutions provided 86 per cent of the committed capital.

The second North African Fund has invested in six businesses in the industrial, education and healthcare sectors.

Abraaj has invested about US$3 billion in Africa in more than a decade.

One of the largest private equity firms in the region with assets of about $9bn, Abraaj has stakes in companies such as the low-cost carrier Air Arabia and the supermarket chain Spinneys.


The National

Most Viewed Companies

Ticker Price Volume
SABIC 114.77 5,915,941
SAMBA 26.98 1,138,683
STC 83.41 257,644
DARALARKAN 13.47 74,648,349

Recent News

Saudi Public Investment Fund signs agreement with Six Flags to create amusement park in Riyadh

05/04/2018

Saudi Arabia's Public Investment Fund (PIF) has signed an agreement with Six Flags to develop and design an amusement park in Riyadh. Six Flags, the world’s leading international amusement park compa

Arab News

Green energy drive will boost KSA employment: Saudi Arabia’s renewable energy chief

05/04/2018

In an exclusive interview with Arab News, Turki Mohammed Al-Shehri explains how an expanding renewables industry will boost employment as well as pave the way for a greener future.

A massiv

Arab News

Dubai house prices, rents drop in first quarter of 2018

05/04/2018

Dubai’s residential property market continued to soften in the first three months of this year, in line with analysts’ forecasts, with rental values recording a more pronounced fall than sales prices

The National

Saudi Arabia lifts GCC index buoyed by strong oil prices

05/04/2018

Buoyed by a strong oil price of $70 per barrel, Saudi Arabia’s Tadawul shot up by over 6 per cent in March 2018, according to Kuwait Financial Centre’s (Markaz’s) recently released Monthly Markets Re

Times of Oman

Banks’ real estate credit at QR147.7bn

05/04/2018

Qatar banks’ combined credit facilities to real estate sector rose by QR17bn to QR147.7bn in 2017. The banks’ credit to various sectors stood at QR911bn at the end of 2017, up from QR839bn recorded i

The Peninsula

logo

Financial Information Co.

P.O. Box 69410, Riyadh 11547, Saudi Arabia

GCC Markets

Mutual Funds

News

Investment Tools

Sector News

Screeners

Indices & Commodities

Downloads

Copyright ©2001 - 2024, Financial Information Co. All Rights Reserved.

Terms of Services | Privacy Policy | Advertise with us | Contact Us | Sitemap