Abraaj Capital Mulls Third Acquisition In Egypt

Mustafa Abdel-Wadood, CEO of Abraaj Capital, said the Group’s Riyada Enterprise Development (“RED”), is planning to make its third acquisition in Egypt. The fund will buy a company that operates in any sector capitalizing from technology.

It is worth mentioning that  the 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 (SMEs) located in the Middle East and North Africa.

The Riyada Enterprise Development (“RED”)’s capital is valued at $ 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.

Abdel-Wadood further added that the P/E of the recently-signed Mokhtabar acquisition deal has become 19 times higher.

Al-Bayan UAE