Abraaj to buy Riyada as part of expansion
Dubai, November 24, 2009
Abraaj Capital, the Middle East's largest private equity company, said on Tuesday it would acquire Riyada Ventures as part of a push into the small- to medium-sized enterprise segment.
Amman-based Riyada Ventures has carried out 25 regional and international venture capital transactions and also has an office in Cairo, according to an Abraaj statement.
Abraaj did not disclose the financial details of the deal.
Abraaj, which recently completed at $375 capital increase, said it will invest hundreds of millions of dollars in small - to medium-sized firms across the Mena region.
"Abraaj will work with governments, regional and international development and investment organisations, and Abraaj's investor base to provide a pan-regional platform from which investments will be made," it said. – Reuters