CAIRO: Dubai-based Abraaj Capital is looking to continue its move into the North African market as a jumping off point for the African continent as a whole. The company confirmed over the weekend that it would be investing around $125 million in a Moroccan insurance holding firm to boost its presence in the continent. With Africa's insurance sector only recently beginning to move forward, Abraaj believes that by investing in privately-owned Saham Finances, which has majority stakes in three subsidiaries: Casablanca-listed CNIA Saada, sub-Saharan insurance firm Colina and Isaaf, a firm which focuses on assistance services market in Morocco, it can generate more mobility in Africa. “Abraaj, the Middle East's largest private equity firm and which recently bought private equity firm Aureos, said its investments will help Saham's expansion and acquisition plans in Africa and the Middle East,” the company said in a press release. The Dubai-based private equity firm, founded in 2002 by Group Chief Executive Arif Naqvi, has raised $7 billion since its inception. It owns stakes in Orascom Construction, budget carrier Air Arabia, supermarket chain Spinneys and education group GEMS. Funds managed by the group have stakes in 35 companies across the Middle East region. Last month, Abraaj teamed with the top shareholder of TransAtlantic Petroleum Ltd to buy the Canadian energy company's oilfield services business in a deal valued at around $164 million. Analysts on the ground are optimistic on the deal, saying that the insurance sector in North Africa and Africa as a whole is in desperate need of bolstering. Abraaj could very well be the company to assist the continent in producing and generating better insurance. Morocco and Egypt have largely been seen by companies looking to invest in Africa as the place to go first before setting up offices and other investments elsewhere in Africa. BM ShortURL: http://goo.gl/jCIru Tags: Abraaj, Insurance, Investment, Morocco, UAE Section: Business, Morocco, United Arab Emirates
