Abraaj Capital Appoints Citi for Fund Admin

Abraaj Capital has appointed Citigroup to provide fund administration services for Riyada Enterprise Development, the US$650 million small and medium sized enterprise fund of the Abraaj Capital group. Riyada Enterprise Development was established in 2009 to capitalize on investment opportunities in small and medium sized businesses in the Middle East and North Africa.


Citigroup today announced that it has been appointed by Abraaj Capital, a leading private equity manager investing in the Middle East, Asia, Africa and Turkey, to provide fund administration services for Riyada Enterprise Development, the US$ 650 million small and medium sized enterprise fund of the Abraaj Capital group.

Riyada Enterprise Development (RED) was established in 2009 to capitalize on the growing investment opportunities in the small and medium sized enterprise segment across a wide range of sectors in the Middle East and North Africa. The Fund is sector agnostic and invests in entrepreneurially run and innovative businesses that are scalable into new regional markets. Since the establishment of the RED platform in 2009, the Fund has invested in 13 SMEs across the Middle East and North Africa region in diverse sectors including agro-processing, media, pharmaceuticals and technology.

Citi has been serving private equity funds and investors for nearly two decades and is a leading global provider of accounting, administration and tax services for private equity, venture capital and institutional investors.

Tom Speechley, Chief Executive Officer, Riyada Enterprise Development and Senior Partner, Abraaj Capital said: “It is well recognized that SMEs are key contributors to job creation and economic growth. By facilitating access to long-term capital, Riyada Enterprise Development plays a crucial role in supporting the growth of high impact businesses and high potential entrepreneurs. We are confident that Citi’s regional expertise, coupled with its scalable fund services platform, will enable us to provide our investors with the independent administrative systems and best in class infrastructure that they require”.

Kamran Anwar, EMEA Head of Private Equity Services at Citi said: “It’s a privilege to be selected by Abraaj Capital, the largest private equity group in the Middle East and North Africa, to provide fund administration services for their RED fund. This mandate is a testament to our robust private equity services platform as well as Citi’s long-standing local presence and connections in the MENASA region.”

Sanjiv Sawhney, Global Head of Fund Services at Citi said: “Citi is committed to provide premier administrative services and market-leading technology to our private equity clients. We look forward to leveraging these resources to help the RED team achieve their growth objectives”

Citi OpenInvestor(SM) is the investment services solution for today’s diversified investor, combining specialized expertise, comprehensive capabilities and the power of Citi’s global network to help our clients meet their performance objectives across asset classes, strategies and geographies. Citi provides complete investment services for traditional and alternative asset managers, delivering middle office, fund services, custody, and investing and financing solutions that are focused on our clients’ specific challenges and customized to their individual needs.


Notes to Editors

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About Abraaj Capital

The Abraaj Capital group is a leading private equity manager investing in the rapidly growing economies of the Middle East, Turkey, Asia and Africa. Since inception in 2002, it has raised over US$ 7 billion and distributed around US$ 3 billion to investors. Headquartered in Dubai, the Abraaj Capital group employs over 170 people and has a presence in Riyadh, Istanbul, Cairo, Singapore, Mumbai, Karachi, Beirut, Ramallah, Amman, Casablanca and Tunis. The group’s flagship private equity business has helped accelerate and facilitate the growth of over 40 companies in 12 countries in the region, in attractive and fundamental sectors such as healthcare, education, energy, aviation and logistics.

The Abraaj Capital group manages eight Funds: four Private Equity Funds, Riyada Enterprise Development (a Fund dedicated to small and medium enterprises in the Middle East), Kantara (a Fund dedicated to small and midcap enterprises in North Africa), ASAS (an income-generating, real estate Fund) and a 2004 vintage real estate Fund. The Abraaj Capital group currently has over US$ 6 billion of assets under management. Funds managed by the Abraaj Capital group have holdings in over 35 companies in the region, which collectively employ in excess of 30,000 people, including Air Arabia, the region’s leading low-cost carrier and Al Borg Laboratories, the Middle East’s largest privately owned medical testing laboratory business.

In 2011, Abraaj Capital was ranked the largest private equity firm in emerging markets worldwide by Private Equity International. In addition, Abraaj Capital has won many regional and international awards, including the ‘Middle Eastern Private Equity Firm of the Year’ for six consecutive years, awarded by Private Equity International.

Abraaj Capital Limited, a member of the Abraaj Capital group is licensed by the Dubai Financial Services Authority (DFSA).

About Global Transaction Services

Global Transaction Services, a division of Citi’s Institutional Clients Group, offers integrated cash management, trade, and securities and fund services to multinational corporations, financial institutions and public sector organizations around the world. With a network that spans more than 95 countries, Citi’s Global Transaction Services supports over 65,000 clients. As of the fourth quarter of 2011, it held on average $368 billion in liability balances and $12.5 trillion in assets under custody.