OPEC & Abraaj Capital to Launch A Fund for SMEs

Offshore Power Expert Corporation Company Limited (OPEC), an American governmental organization specialized in finance and development, has concluded a commitment agreement with  Abraaj Capital, to invest $ 150 million in supporting small and medium-sized enterprises located in the Middle East and North Africa.

The Riyada Enterprise Development (“RED”), which capital amounts to $ 400 million under the supervision of Aureus Capital, a subsidiary of Abraaj, is considered a fund-raising source for small and medium-sized enterprises in the region.

The application was signed by John Morton, a representative of OPEC, and Mostafa Abdel-Wadood, CEO of Abraaj Capital.