Abraaj Capital unit selects Citi for admin services

Middle East private equity manager Abraaj Capital,has appointed Citigroup to provide fund administration services for Riyada Enterprise Development, the $650m small and medium sized enterprise fund of the Abraaj Capital group.

The Abraaj Capital group is a leading private equity manager investing in the rapidly growing economies of the Middle East, Turkey, Asia and Africa. Since inception in 2002, it has raised over $7bn and distributed around $3bn to investors. Headquartered in Dubai, Abraaj employs over 170 people and has a presence in Riyadh, Istanbul, Cairo, Singapore, Mumbai, Karachi, Beirut, Ramallah, Amman, Casablanca and Tunis.

Riyada Enterprise Development (RED) was established in 2009 to capitalize on the growing investment opportunities in the small and medium sized enterprise segment across a wide range of sectors in the Middle East and North Africa.

The fund does not target any specific sector, but seeks entrepreneurially run and innovative businesses scalable into new regional markets. Since the establishment of the RED platform in 2009, the Fund has invested in 13 SMEs across the Middle East and North Africa region in sectors including agro-processing, media, pharmaceuticals and technology.

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