Nov 08 2010
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Abraaj Capital and Endeavor form strategic alliance to foster entrepreneurship in MENASA
# Will offer opportunities for early stage businesses to access mentors, advisory boards and top business networks
The joint venture will include the founding of an Endeavor regional hub for the Middle East, North Africa and South Asia (MENASA) region, which will be hosted by
and headquartered in Dubai. This will become a base for the organisation to grow its capabilities in the Arabian Gulf and beyond, offering the opportunity for early stage businesses to access the mentorship and networks required for them to flourish. The Dubai office will allow Endeavor to promote its expansion to new countries in the region and to provide expanded services to its existing country affiliates in Egypt, Jordan, Lebanon and Turkey, all of which will continue to operate independently.
Proof of the value that Endeavor's high-impact entrepreneurship growth can bring can be found across the globe. In Latin America, businesses assisted by Endeavor have created over 100,000 jobs and generated over US$3 billion in annual revenues. With the United Nations Development Program estimating that Arab countries alone will need to create more than 50 million new jobs by 2020, the fostering of entrepreneurship is critical in meeting this need.
Arif Naqvi, Founder and Group CEO,
said: "The growth of entrepreneurship is a commitment shared by both
and Endeavor. Through their focus on high-impact entrepreneurship they have demonstrated how fostering SMEs can contribute positively to job and wealth creation. The partnership is a natural union of two like-minded institutions."
- Ends -
Abraaj Capital is the biggest private equity group in the Middle East, North Africa and South Asia (MENASA). Since inception in 2002, it has raised close to US$ 7 billion and distributed almost US$ 3 billion to its investors. Headquartered in Dubai, the Abraaj Group operates eight offices in the region including in Istanbul, Cairo and Riyadh. Funds managed by the Abraaj Group or its predecessor entities have made 36 investments in 11 countries and achieved more than 20 exits.
More than 75 world-class investment professionals work for
, which manages seven funds; four buyout funds; Riyada Enterprise Development Fund, a Fund dedicated to small and medium enterprises; ASAS, an income-generating, sale-and-leaseback Fund; and a real estate Fund. Assets under management at the end of 2009 were US$ 6.1 billion. Funds managed by the
Group have holdings in about two dozen companies in the region including Air Arabia, the region's biggest low-cost carrier; Acibadem Healthcare Group, Turkey's largest privately owned hospital operator; and Al Borg Laboratories, the Middle East's biggest privately owned medical-testing laboratory company.
has won many regional and international awards, including five consecutive years as 'Middle Eastern Private Equity Firm of the Year' from London-based Private Equity International.
Ltd., a member of the
Group, is licensed by the Dubai Financial Services Authority. The group is also an associate member of the European Venture Capital Association.
Established in 1997, Endeavor is the global non-profit that pioneered the concept of High-Impact Entrepreneurship in emerging markets. A growing movement, High-Impact Entrepreneurship is widely recognized as the key driver to sustainable economic development - creating jobs, prosperity and a culture of innovation and investment.
As leaders of the movement, Endeavor has set the standard for identifying and supporting entrepreneurs with the greatest potential for impact. In 13 years, Endeavor has screened and provided feedback to 23,000+ candidates and selected 539 High-Impact Entrepreneurs from 349 companies. Supported and mentored by our growing network of 1,000+ top local and global business leaders, these entrepreneurs have created over 130,000 high-value jobs and generate more than $3.5 billion in annual revenues.
Beyond this impact, Endeavor's support catalyzes a chain reaction in the larger economy - driving investment, creating role models and fostering the conditions for the next Silicon Valley in Rio or Cape Town, Cairo or Jakarta. It is what led Thomas Friedman to hail our model as the "best anti-poverty program of all."
Headquartered in New York City, Endeavor Global currently supports 11 independently ru-run country affiliates across Latin America, the Middle East and South Africa, with plans to expand to more than 20 countries by 2015.
For further information please contact:
© Press Release 2010
© Copyright Zawya. All Rights Reserved.
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