Dubai’s Abraaj buys 49% stake in credit-card firm

23 Dec 2010

(MENAFN) Mustafa Abdel Wadood, Chief Executive Officer at Abraaj Investment Management, revealed that the firm will acquire a 49 percent stake in credit-card processing company, Network International, in a deal valued at $539 million, Arabian Business reported.

The mentioned deal signed by Abraaj Capital, which is a Dubai-based private-equity firm that manages around $6.6 billion, remains subject to regulatory approval, but is expected to close in the first quarter of 2011, said the CEO.

According to Abdel Wadood, the acquisition comes in line with the Abraaj’s aim to capitalize on the massive growth potential of the region in light of the current under-penetration of payment cards.

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