| 16 Aug 2008 |
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Abbas to oversee Abraaj Capital's Pakistan business
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Saturday, Aug 16, 2008
Gulf News
Dubai: Private equity firm Abraaj CapitalAbraaj Capital
said it has invested $200 million in Pakistan since 2004 and hopes to grow its operations in the country.
It has appointed Farrukh Abbas as CEO of its operations in Pakistan, hoping to benefit from an expected annual growth of six per cent or more for the next five years.
Since joining AbraajAbraaj
in 2005, 46-year-old Abbas has played a key role in implementing post-acquisition strategy in several of AbraajAbraaj's holdings, according to a statement.In Saudi Arabia, Abbas helped guide National Air Services (NAS) in setting up the kingdom's first low-cost carrier, as well as developing its all business-class carrier, and a unit offering fractional ownership and leasing of business jets. Saudi investors in AbraajAbraaj sold their 30 per cent stake in NAS in June, generating an internal rate of return of 52 per cent, implying a four-fold surge in the value of NAS over the two-year holding period.
Abbas also helped develop the Lebanese operations of supermarket group Spinneys, expanding the chain into Egypt, with joint ventures agreed in Saudi Arabia and Kazakhstan.
"By providing the firm with on-the-ground senior management expertise and local insight, this appointment will significantly enhance our ability to manage our existing investments in Pakistan and to identify new ones," said Arif Naqvi, AbraajAbraaj vice-chairman and group CEO.
"Abraaj CapitalAbraaj Capital's investor base includes 200 of the foremost Middle Eastern financial institutions and family groups, and with Pakistan's economy set to continue growing at six per cent per year, we can act as a very important conduit of fresh capital into the country," Abbas said.
AbraajAbraaj's investments in Pakistan include refinery company Bosicor Group, automobile steel parts maker MS Forgings and bank BMA Capital.
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