Citadel Capital (CCAP.CA on the Egyptian Exchange), the leading investment company in Africa and the Middle East with US$ 9.5 billion in investments under control, announced today the departure of Managing Director Marwan Elaraby.
Elaraby, who joined the firm in 2005, worked extensively on developing new projects and monitoring portfolio companies, with a focus on energy investments. Over the last year, Elaraby has been particularly active in developing Citadel Capital’s new strategy and transformation and has gradually been handing over responsibilities in accordance with the firm’s transformation into an investment company.
Elaraby remains a shareholder in Citadel Capital through his stake in Citadel Capital Partners Ltd, which with 28% of the firm’s equity is Citadel Capital’s largest shareholder.
Elaraby will return to a career in law and will join Shearman & Sterling LLP, a global law firm, as Managing Partner — Middle East. He will be relocating to the Gulf.
“Marwan played an important role in helping build Citadel Capital into one of the Middle East and Africa’s most prominent infrastructure and energy investors,” said Citadel Capital Chairman and Founder Ahmed Heikal. “We wish him the very best in all of his future endeavors and will always consider him a dear friend and valued colleague. We expect to continue to draw on his knowledge and skills in his new position.”
“My more than seven years at Citadel Capital have been nothing short of amazing,” said Elaraby. “I am grateful to my partners, friends and colleagues for my time here. I look forward to continuing to work closely with them.”
Elaraby leaves Citadel Capital effective 31 August 2013.