FINANCIAL NEWS

UAE- Abraaj deepens N. Africa operations

29 Aug 2011

(MENAFN) Abraaj Capital’s chief executive, Mustafa Abdel-Wadood, said that the firm is deepening its foothold in North Africa in hopes of latching on to the region’s new economic growth following revolutions that swept through Tunisia, Egypt and Libya, reported The National.

The chief executive said that Abraaj purchased the North African operations of Amundi, a French asset management giant owned by Societe Generale and Credit Agricole. The acquisition came with an 11-member investment team and offices in Morocco and Tunisia.

Abdel-Wadood added that the team runs a USD161 million private equity fund that has five investments in small and medium-sized businesses in North Africa. It is in the process of establishing a third office in Algeria.

Abdel-Wadood also said that under the terms of the deal, Abraaj would assume management of Amundi’s SGAM Al Kantara Fund, absorb its offices and staff and take over the company’s own stake in the fund. Moreover, Abraaj did not disclose the value of the deal.

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