Private Equity and Venture Capital News in MENA Region

Private equity and venture capital news from MENA

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• Egypt's Citadel Capital plans share listing 23 Nov 2009. Source: AltAssets. Egyptian private equity firm Citadel Capital plans to list its shares on the Egyptian Exchange, according to reports in the Al-Mal newspaper. The listing would allow the firm, which has $8.3bn under management, to raise new capital as it continues to expand.

• Investcorp buys up 20 per cent of gas company Gulf Cryo 16 Nov 2009. Source: AltAssets. Investcorp, a Bahrain-based alternative investment firm, has acquired a 20 per cent stake in Gulf Cryo, manufacturer of industrial, medical and specialty gases in the Middle East. The deal size has not been disclosed.

• EVI Capital Partners launches two $400m funds for MENA investments 02 Nov 2009. Source: AltAssets. EVI Capital Partners, a Johannesburg-based private equity firm, has launched a $400m buy-out fund and a $400m mezzanine fund for investments in sub-Saharan Africa, North Africa and the Middle East.

• ADIH launches $300m Hospitality Development Fund for MENASA region 21 Oct 2009. Source: AltAssets. Abu Dhabi Investment House (ADIH) has launched its $300m Sharia-compliant Hospitality Development Fund (HDF), which will focus on investments in the GCC, Middle East, North Africa and Asia.  ADIH predicts a minimum IRR of 20 per cent for the fund.

• Citadel Capital-led consortium plans $1bn investment in Egyptian petrochemicals refinery 12 Oct 2009. Source: AltAssets. Citadel Capital, an Egyptian private equity firm, intends to invest $1bn in a second-stage petrochemicals refinery near Cairo, according to a Reuters report.

• Long-term confidence in private equity throughout MENA despite downturn 01 Sep 2009. Source: AltAssets. There will be mixed sentiments underlying private equity activity in the Middle East, North Africa region and across the globe for the next 12 months, according to research by Deloitte and Arbor Square Associates.

• Egyptian private equity firm teams up with sugar company to create fund 21 Aug 2009. Source: AltAssets. Beltone Private Equity, the private equity arm of Egypt’s Belton Financial investment bank, has teamed up with Khartoum-based Kenana Sugar Company to invest up to $1bn in large-scale infrastructure projects in Egypt and Sudan, according to reports.

• Chinese online advertising network AdChina completes Series B round of venture financing 20 Jul 2009. Source: AltAssets. Chinese online advertising network AdChina has completed its Series B round of venture financing led by Richmond Management, along with co-investors GSR Ventures and News Corporation. The financing will enable AdChina to grow its staff and invest in several new technology and commercial initiatives planned for 2009-10, the company said.

• Emerging markets specialist Actis invests $244m in Egypt's CIB 08 Jul 2009. Source: AltAssets. Private equity group Actis has agreed to pay $244m for a 9.33 per cent stake in leading Egyptian lender Commercial International Bank.

• MENA-focused Rasmala Investments shakes up management team and opens new office 24 Jun 2009. Source: AltAssets. The board of Dubai-based Rasmala Investments has made three senior appointments and opened a new Abu Dhabi office to strengthen the firm's presence in the MENA region.

• Gulf-focused private equity firm HBG Holdings to expand operations 23 Jun 2009. Source: AltAssets. HBG Holdings, a private equity firm based in the Gulf, is looking to add staff and expand its operations to take advantage of investment opportunities in the region.

• Investcorp eyes up MENA luxury goods 10 Jun 2009. Source: AltAssets. Investcorp, a Bahrain-based alternative investment firm, is setting its sights on Middle Eastern luxury goods companies as part of its plan to invest $650m in the MENA region over the coming two years, according to Reuters.

• Abu Dhabi Investment Company rebrands as Invest AD 09 Jun 2009. Source: AltAssets. Abu Dhabi Investment Company has rebranded as Invest AD in a drive to attract institutional investors to opportunities in the Middle East and North Africa region. The firm has also launched four new equity funds that it hopes will receive commitments from foreign investors.

• Citadel Capital portfolio company TAQA Arabia wins gas distribution contract, Citadel-backed Egyptian farm acquires debt financing 09 Jun 2009. Source: AltAssets. Citadel Capital’s portfolio company TAQA Arabia has won a €118m contract to construct a gas distribution network in Libya. The MENA-focused private equity firm has also seen Dina Farms, an agricultural company that it has backed, receive EGP200m ($35.6m) in debt financing.

• Cooperation deal to increase private equity and infrastructure investment flows between South Korea and MENA region 05 Jun 2009. Source: AltAssets. Abu Dhabi Investment Company, Korea Development Bank (KDB) and the Korea Trade Promotion Agency (KOTRA) have signed a cooperation deal to help increase investment flows between South Korea and the Middle East and North Africa region.

• IFC commits $25m to Citadel Capital’s MENA Joint Investment Fund 14 May 2009. Source: AltAssets. The International Finance Corporation, the investment division of the World Bank Group, is investing $25m in private equity firm Citadel Capital’s $500m MENA Joint Investment Fund.

• Carlyle brings former Kuwait Petroleum CEO into MENA operations 11 May 2009. Source: AltAssets. The Carlyle Group has hired Nader H Sultan as a senior advisor to the firm’s Middle East and North Africa team.

• Kuwaiti bank GIH hires Mohamed Abdelsalam to head Egyptian private equity division 06 May 2009. Global Investment House, a Kuwaiti investment bank, has hired Mohamed Abdelsalam to head its private equity funds business in Egypt. The appointment follows the private equity funds business growth strategy and the desire to gain a stronger foothold in the North African markets.

• ADIC and UBS Global Asset Management hold first close of joint fund on $250m 05 May 2009. Abu Dhabi Investment Company (ADIC), the Middle Eastern investment firm, and UBS Global Asset Management have held the first close of a jointly managed fund that will tap major infrastructure development in the MENA region. With a target of $600m, the joint venture has raised $250m so far.

• Beltone Private Equity launches $200m MENA-focused fund 30 Apr 2009. Beltone Private Equity, the private equity division of Middle Eastern investment bank Beltone Financial Holding, has launched a $200m fund to invest in businesses in Egypt and the Gulf States.

• Emerging Capital Partners takes minority stake in Moroccan data and information services company 28 Apr 2009. Emerging Capital Partners, an international private equity firm focused on investing across the African continent, has acquired a significant minority stake in Finaccess Group, a Moroccan data and information services company that provides business process outsourcing and call centre services to European clients. The company also provides financial data and business reliance information to local companies. ECP's investment will fund Finaccess' local and regional growth. No financial details were disclosed.