FINANCIAL NEWS

Dubai’s Abraaj Capital plans more deals, targets India

18 Mar 2012

(MENAFN) Dubai’s Abraaj Capital CEO Arif Naqvi said that will unveil more deal-making soon and plans a major push into India, Reuters reported.

Abraaj recently made a strategic deal to buy emerging markets-focused Aureos Capital. It is also investing USD125 million in a Moroccan insurance holding firm and has tied up with the top shareholder of TransAtlantic Petroleum to buy the Canadian company’s oilfield services unit.

Abraaj also eyes Indian opportunities, as buyout firms that invested billions of dollars during the Indian market’s boom years before the global economic turmoil are looking to sell stakes in coming months to cash in their holdings.

Abraaj Capital raised USD7 billion since its inception a decade ago. It owns stakes in a range of Middle East companies including Orascom Construction, budget carrier Air Arabia, supermarket Spinneys and education group GEMS.

Funds managed by private equity firm have stakes in 35 firms across the region.

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