Egypt's gold prices fall on July 31st    Egypt signs new exploration deal with Eni, BP    Sterling set for sharpest monthly drop since 2022    Germany says process towards recognition of Palestinian state 'must now begin'    Egypt, Brazil sign deal to boost pharmaceutical cooperation    Egypt exports first high-tech potato seeds to Uzbekistan after opening market    Modon Holding posts AED 2.1bn net profit in H1 2025    Egypt's Al-Sisi, Italian defence minister discuss Gaza, security cooperation    Egypt's FM discusses Gaza, Nile dam with US senators    Aid airdrops intensify as famine deepens in Gaza amid mounting international criticism    Egypt's Electricity Ministry says new power cable for Giza area operational    Health minister showcases AI's impact on healthcare at Huawei Cloud Summit    On anti-trafficking day, Egypt's PM calls fight a 'moral and humanitarian duty'    Egypt strengthens healthcare partnerships to enhance maternity, multiple sclerosis, and stroke care    Egypt keeps Gaza aid flowing, total tops 533,000 tons: minister    Indian Embassy to launch cultural festival in Assiut, film fest in Cairo    Egyptian aid convoy heads toward Gaza as humanitarian crisis deepens    Culture minister launches national plan to revive film industry, modernise cinematic assets    Sudan's ambassador to Egypt holds reconstruction talks on with Arab League    I won't trade my identity to please market: Douzi    Sisi sends letter to Nigerian president affirming strategic ties    Two militants killed in foiled plot to revive 'Hasm' operations: Interior ministry    Egypt, Somalia discuss closer environmental cooperation    Egypt's EHA, Huawei discuss enhanced digital health    Foreign, housing ministers discuss Egypt's role in African development push    Egypt reveals heritage e-training portal    Three ancient rock-cut tombs discovered in Aswan    Sisi launches new support initiative for families of war, terrorism victims    Egypt expands e-ticketing to 110 heritage sites, adds self-service kiosks at Saqqara    Egypt's Irrigation Minister urges scientific cooperation to tackle water scarcity    Palm Hills Squash Open debuts with 48 international stars, $250,000 prize pool    On Sport to broadcast Pan Arab Golf Championship for Juniors and Ladies in Egypt    Golf Festival in Cairo to mark Arab Golf Federation's 50th anniversary    Germany among EU's priciest labour markets – official data    Paris Olympic gold '24 medals hit record value    A minute of silence for Egyptian sports    Russia says it's in sync with US, China, Pakistan on Taliban    It's a bit frustrating to draw at home: Real Madrid keeper after Villarreal game    Shoukry reviews with Guterres Egypt's efforts to achieve SDGs, promote human rights    Sudan says countries must cooperate on vaccines    Johnson & Johnson: Second shot boosts antibodies and protection against COVID-19    Egypt to tax bloggers, YouTubers    Egypt's FM asserts importance of stability in Libya, holding elections as scheduled    We mustn't lose touch: Muller after Bayern win in Bundesliga    Egypt records 36 new deaths from Covid-19, highest since mid June    Egypt sells $3 bln US-dollar dominated eurobonds    Gamal Hanafy's ceramic exhibition at Gezira Arts Centre is a must go    Italian Institute Director Davide Scalmani presents activities of the Cairo Institute for ITALIANA.IT platform    







Thank you for reporting!
This image will be automatically disabled when it gets reported by several people.



PE firm Abraaj set for more deals, eyes India

DUBAI: Abraaj Capital, the Middle East's largest private equity firm, is set to unveil more deal-making soon and plans a major push into India.
"In the next couple of months, we will call you guys again and again because we have a robust pipeline that is reaching completion," founder and group chief executive Arif Naqvi told Reuters in an interview.
"We are in the process of completing investments — two or three investments," said the 51-year-old Pakistani who is leading Abraaj's drive to become an emerging market powerhouse.
"2012 is the fruit of efforts made in 2011."
Dubai-based Abraaj, founded a decade ago, has raised $7 billion since its inception. It owns stakes in a range of Middle East companies including Orascom Construction, budget carrier Air Arabia, supermarket Spinneys and education group GEMS.
Funds managed by it have stakes in 35 firms across the region.
Abraaj has had a busy year already, led by a strategic deal to buy emerging markets-focused Aureos Capital. It is also investing $125 million in a Moroccan insurance holding firm and has tied up with the top shareholder of TransAtlantic Petroleum to buy the Canadian company's oilfield services unit.
Naqvi, one of the region's most influential financiers, said nearby India would be a focus region for investment
"We have about six investments in India and we are looking to ramp that up massively. We have 10 people on the ground, which is 10 more than we had last year ... India, to me, is a far more exciting market than China."
"We have a $2 billion fund through which we invest private equity, and we have a couple of hundred million on the SME side dedicated to India. From the $2 billion fund the country limit at max is 25 percent ... when you lever that up with debt and so on it becomes a very substantial number," he said.
Buyout firms that invested billions of dollars during the Indian market's boom years before the global financial crisis are widely expected to look for opportunities to cash in their holdings, with more stake sales anticipated in coming months.
Naqvi said exits by some Western private equity firms from Indian investments represented a buying opportunity, with Abraaj aided by the ramp up in its numbers on the ground.
"You cannot make investment decisions in Washington about an opportunity in India. Until you have got your hands dirty, until you have eaten daal, chawal, sabzi (pulses, rice and vegetable curry) in the street, how on earth can you make investment decisions?"
Ripe for deal-making
Naqvi, a graduate of the London School of Economics and Political Science and a former executive at Arthur Andersen and American Express, said the euphoria of the Arab Spring popular revolts had been replaced by realism.
He said the private sector would continue to be the engine of economic development, and there was a need for investment.
"Couple that with fact that valuations are at a very attractive level and people are no longer living in ga-ga land, where valuations were astronomically high, means that you are seeing some of the most compelling investment themes and opportunities of the decade."
Naqvi said the time to complete transactions was longer because the universe of buyers had become smaller due to foreign investors' heightened perception of political risk.
Naqvi, who plans for Abraaj to exit some ventures in the next 18 months, expected companies to stay away from initial public offerings (IPO).
"All of the markets have essentially started being driven by policy and not by fundamental analysis ... because of that I feel that any sensible company will stay away and bide its time."
Abraaj sold its stake in Turkish group Acibadem to Integrated Healthcare Holdings (IHH), a healthcare unit of Malaysian firm Khazanah Nasional late last year. The deal valued Acibadem at around $1.68 billion.


Clic here to read the story from its source.