Abraaj appoints manager for Palestine fund
Manama, August 16, 2010
Abraaj Capital, the Middle East's largest private equity group, has announced the appointment of its first country manager for Palestine and the establishment of an office in the West Bank city of Ramallah.
The appointment of Fayez Husseini provides on-the-ground expertise for Abraaj Capital's $50 million Palestine Growth Capital Fund, which is dedicated to investing in dynamic Palestinian small and medium enterprises (SME). The office is Abraaj Capital's eighth in the Middle East, North Africa and South Asia (Menasa) region.
The Palestine Growth Capital Fund is part of Abraaj Capital's $700 million regional SME investment-platform called Riyada Enterprise Development. The Fund highlights Abraaj Capital's confidence in and commitment to the Palestinian economy.
'Fayez brings with him a great wealth of investment expertise across many sectors,' said executive director Tom Speechley.
'This will be crucial in helping Riyada Enterprise Development invest in entrepreneurial Palestinian SMEs with the potential to expand at home and across the region.' – TradeArabia News Service