Citadel Capital Appoints Khaled Abubakr as Executive Chairman &Pakinam Kafafi as CEO

Citadel Capital (CCAP.CA on the EGX) announced today two new senior management positions at TAQA Arabia, Egypt’s largest independent energy distribution businesses and one of Citadel Capital’s 10 focus platforms. Energy is one of five core industries in which Citadel Capital invests across its 15-country footprint, alongside transportation and logistics, agriculture and consumer foods, mining, and cement and construction.

Khaled Abubakr was appointed as Executive Chairman and Pakinam Kafafi will take on the position of Chief Executive Officer.

“I’m delighted to announce that the Board of TAQA Arabia has approved our nomination of Pakinam to become CEO, where she will work alongside new Executive Chairman Khaled Abubakr to grow this vital business both in Egypt and the region, particularly in high-potential markets in the East Africa region,” said Citadel Capital Founder and Chairman Ahmed Heikal.

Abubakr, a prominent member of the Egyptian business community and a leading regional veteran of the energy sector, has been a major participant in the development and evolution of the gas industry in Egypt. For the past 25 years Abubakr was instrumental in helping grow the role of the private sector in the Egyptian gas and energy sector. He co-founded the Gas & Energy Group and led the company to great success as Vice Chairman and Managing Director. In 2006 he co-founded TAQA Arabia with Citadel Capital and has been the company’s CEO since incorporation.

In his new capacity as Executive Chairman, Abubakr’s responsibilities will include applying his business acumen to integrate operations and provide the strategic guidance that will lead the company to new heights. He will focus on identifying new opportunities for expansion and creating new business prospects that are aligned with TAQA Arabia’s goal of becoming the region’s leading energy solutions provider.

Kafafi was formerly the General Manager for Strategy and Investment at the Gas and Energy Group and Vice-President at EFG Hermes Investment Banking where she led major M&A and IPO transactions. When TAQA Arabia was established in 2006, Kafafi became the company’s Managing Director for Investments and Strategy and has played an integral role in the growth and success of the company since its incorporation. Kafafi is an active and highly-respected member of the local business community and the Co-Chair of the “Women in Business Committee” at the American Chamber of Commerce.

In her role as Chief Executive Officer, Kafafi will provide strategic planning and operational leadership to optimize the company’s investments. Her expertise and proven track record as an efficient and talented manager, will be invaluable to TAQA Arabia as the company leverages its competitive advantages to effectively meet the economic and operational challenges ahead.

“In view of TAQA Arabia’s solid growth and expansion plans into new activities and businesses inside and outside Egypt, we are committed to remaining at the forefront of our industry,” said Abubakr. “I am delighted to work with Pakinam, our teams at TAQA Arabia and Citadel Capital to provide efficient, world class energy infrastructure and solutions throughout the region.”

“There has never been a more challenging time to be involved in the energy sector than today, when nations including our home market of Egypt face the need not just to keep pace with growing consumer and industrial demand for energy, but with the need to reform the subsidies system,” said Kafafi. “TAQA Arabia is uniquely positioned to be part of the solution to these challenges, and I look forward to working with Khaled and the teams at both TAQA Arabia and Citadel Capital to make this happen.”

Aboubakr and Kafafi’s appointments were effective on 14 February 2013.