Radwan named CEO of Abraaj's Saudi initiative
Dubai, May 2, 2011
Abraaj Capital, a leading emerging markets focused alternative asset manager, has appointed Hossam Radwan as a senior partner at Abraaj Capital and CEO of the firm’s SR2 billion investment platform dedicated exclusively to investing in Saudi Arabia.
The platform is currently under formation subject to regulatory approval.
Riyadh-based Radwan will lead the new initiative focused on making investments across a variety of asset classes, including private equity, small-and-medium sized enterprises (SMEs), real estate, and public equities. He will also be a part of the group executive committee comprising the senior partners of the firm, said a statement.
Radwan most recently served as CEO of EFG-Hermes in Saudi Arabia and as a member of the executive committee of EFG-Hermes Holdings, the largest investment bank in the Middle East. Previously, he served at Goldman Sachs for over a decade, in both London and New York, where he held a range of positions, including head of Middle East & North Africa sales at Goldman Sachs Asset Management.
“We are delighted to welcome Hossam Radwan to Abraaj Capital, where he will focus on expanding the firm’s activities in Saudi Arabia,” said Arif Naqvi, founder and chief executive of the Abraaj Group.
“Saudi Arabia is by far one of the largest and most important economies in the region, and is a market that we know well, having a strong constituency of stakeholders from the kingdom. Under Hossam’s leadership, we firmly believe that Abraaj Capital’s Saudi operations can capitalise on the favourable macroeconomic landscape and solid investment opportunities that exist in the kingdom and benefit from the first mover advantages inherent in setting up this extensive presence within the kingdom’s investment landscape.”
The Saudi investment platform will focus on a number of asset classes besides private equity including the SME space. Abraaj established Riyada Enterprise Development in 2009 to capitalise on opportunities in SMEs, which account for roughly 70 percent of employment in the Mena region, but only 30 percent of GDP.
Riyada seeks to ensure that high-potential SMEs receive the institutional support they need to develop adequate technology infrastructure, governance and strategic planning. – TradeArabia News Service