Citadel Capital appoints new MD
Cairo, September 1, 2013
Citadel Capital, a Cairo-based private equity firm, has appointed Amr El-Garhy as managing director and head of corporate finance and investment review function.
The appointment follows the departure of managing director Marwan Elaraby, who joined the firm in 2005 and worked extensively on developing new projects and monitoring portfolio companies, with a focus on energy investments.
Over the last year, Elaraby has been particularly active in developing Citadel Capital’s new strategy and transformation and has gradually been handing over responsibilities in accordance with the firm’s transformation into an investment company.
Elaraby remains a shareholder in the firm through his stake in Citadel Capital Partners, which with 28 per cent of the firm’s equity is Citadel Capital’s largest shareholder.
Elaraby will return to a career in law and will join Shearman & Sterling, a global law firm, as managing partner — Middle East.
Amr El-Garhy joins the firm from the National Investment Bank, where he served as vice-chairman and managing director.
At Citadel Capital, he will be charged with ensuring platform and portfolio companies have access to the finance they need to grow efficiently, while monitoring the effective and successful execution of their business plans.
“Amr’s appointment comes as part of our transformation from Africa's largest private equity firm into the continent’s leading investment company,” said chairman and founder Ahmed Heikal.
“In his new role, he will help ensure Citadel Capital and our platform companies in five core industries, including energy, agrifoods, transportation, mining and cement, have the liquidity they need to deliver on their business plans. We also plan to exit non-core investments over the coming few years.”
El-Garhy has served in senior position at leading banks previously and has a track record of service on public and private boards including the Bank of Alexandria, the Egyptian National Railway Authority, the Arab Contractors Co., Suez Cement, the Export Development Bank of Egypt, and Abu Qir Fertilizers Co. - TradeArabia News Service
More Finance & Capital Market Stories
- Qatar 'most expensive country in Gulf'
- Egypt regulator sets rules for index
- Dubai Islamic eyes Kenya, Indonesia for expansion
- ADCB to buy back 3pc of its shares
- GCC insurance growth outpaces developed markets
- Bahrain 'faces budget deficit, inflation challenges'
- Global Payment Services wins key certification
- BBK unveils big India expansion plans
- Kuwait GDP growth to hit 3.5pc in 2014
- Gulf shares tumble over EM exposure cut
- GCC bonds to gain from macro-economic climate
- French Business Council Dubai members up 18pc
- Egypt economy growth seen less strong than thought
- Sharjah approves $4.2bn budget for 2014
- Saudi non-oil sector posts solid growth in Feb
- Seera total income rises to $34m
- NBAD approves 40pc cash dividends
- NBAD sees 8-10pc loan growth
- Al Basel Group launches investment arm
- Union Insurance posts $18m profit
- Oman warns banks on conflicts of interest
- Japan to lend Tunisia $480m
- 400 to join anti-laundering seminar in Riyadh
- Lebanese insurer to head Prague Club
- UAE's first REIT plans $135m IPO
- Bahrain banking industry outlook 'positive'
- New India Assurance opens Bahrain branch
- Qatar sets up mixed business incubator
- Kuwait budget spending up 8pc in April-Jan
- Thomson Reuters to host Mena IFR awards