Tuesday, Mar 13, 2012
(This story was originally published Monday.)
DUBAI (Zawya Dow Jones)--Abraaj Capital, a Dubai-based private equity group with around $7 billion in assets under management, on Monday said it made its first investment in Palestine through its dedicated small- and mid-cap fund for the region for which it raised $36 million from investors.
The amount was raised from the Palestine Investment Fund, Bank of Palestine, Cisco, the European Investment Bank (EIB) and Abraaj Capital for Abraaj's Palestine Growth Capital Fund, which itself is part of a $650 million investment fund aimed at investing in small- and medium-sized companies across the Middle East.
Abraaj said its Palestine fund made its first investment ever in Thimar Agricultural Investment, a fresh herb and produce exporter based in the Jordan Valley.
Abraaj's Palestine fund eyes investments in around 13 to 15 businesses that have the potential to expand regionally and internationally, which should spur job creation, innovation and long-term economic growth in Palestine.
Dubai-based Abraaj last month said it is buying the specialist private equity firm Aureos Capital in a move that will boosts its assets under management and expand its reach to more than 30 countries in Africa, Asia and Latin America.
-By Nicolas Parasie, Dow Jones Newswires; +9714 446-1681; nicolas.parasie@dowjones.com
Copyright (c) 2011 Dow Jones & Co.
(END) Dow Jones Newswires
13-03-12 0355GMT
