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US backs Citadel Capital with $150m creditThe Egyptian firm intends to invest the lion’s share of the capital raised from a US government agency in Egypt to support the transformation of areas reeling from the Arab Spring.
- A Spring in their step
Citadel Capital has experienced turmoil this year, and while this week's second quarter results showed a net loss of $4.2m, a rights issue has helped bring the group back onto an even keel.
- Abraaj annexes North African rival
Dubai-headquartered private equity firm Abraaj Capital has acquired North African rival Amundi's North African private equity business, a month after it failed in its bid to obtain a stake in Egyptian peer Citadel Capital.
- Citadel brings in Citi to advise on sale options
Citadel Capital moved a step closer to selling a stake in itself on Tuesday, appointing Citigroup to advise on strategic options. Two days later, it won approval to vote on a $175m rights issue.
- 'Extraordinary is the new ordinary' for MENA
Political turmoil in the Middle East and North Africa has 'stymied' economic recovery, but the region is in a strong position for future growth, according to delegates at Private Equity International's seventh Middle East Forum.
- OPIC answers Obama’s MENA call with $455m FoF
Citadel Capital and Abraaj’s Riyada Enterprise are amongst the recipients of a White House-backed fund to support technological development in the Middle East.
- Global Infrastructure Partners, Meridiam sweep the board at II awards
The veteran infrastructure investors both won in four categories, with GIP taking the much coveted Global Infrastructure Fund of the Year award. The awards are a first for InfrastructureInvestor and attracted votes from over 35,000 industry participants, with both established players and rising stars taking the honours.
- KKR pours $166m into Indian cement deal
The deal will give KKR continuing exposure to India's developing residential, commercial and public sector infrastructure.
- Citadel's net earnings surge 806.7%
The Cairo-headquartered private equity firm recorded net earnings of $38.1m for 2009 on revenues of $79.2m.
- 'In need of major investment’
Citadel Capital, the Cairo-based private equity firm, recently announced plans to invest up to $400m over the next two years in a range of sectors in East Africa, including infrastructure. InfrastructureInvestor caught up with the firm’s founder and chairman Ahmed Heikal to get the low-down on where the money will go and why – below is an excerpt of the interview.