Dubai, UAE, July 26, 2011: In response to market speculation, Abraaj Capital confirmed today that following a review, it is no longer currently exploring a transaction with Citadel Capital, a private equity firm based in Cairo and listed on the Egyptian Exchange. This does not preclude Abraaj Capital from exploring such a transaction in the future should performance, deal terms and/or circumstances change.

Abraaj Capital confirmed that it had been in exploratory discussions regarding a potential transaction with Citadel Capital senior management for the past two months.  However these discussions were of an initial nature to evolve a framework, deal terms and mechanics that could be workable for both parties. As no agreement has been reached to date between the two parties, Abraaj Capital feels it is appropriate to disclose this fact to the respective stakeholders in order to quell further speculation on this matter.

Abraaj Capital is the leading private equity and alternative asset management group in the Middle East, North Africa and South Asia (MENASA). Headquartered in Dubai, the group regularly explores potential investment opportunities in the MENASA region. Some of these transactions for various reasons may not reach closure. The group strongly believes in the economic fundamentals of the region and remains committed to identifying future investment opportunities in Egypt specifically, and the wider MENASA region in general, and continues to enjoy a robust pipeline of potential transactions at various stages of execution.

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About Abraaj Capital:
Abraaj Capital is the leading private equity and alternative asset management group in the Middle East, North Africa and South Asia (MENASA). Since inception in 2002, it has raised over US$ 7 billion and distributed around US$ 3 billion to its investors. Headquartered in Dubai, the Abraaj group has a presence in Riyadh, Istanbul, Cairo, Singapore, Mumbai, Karachi, Beirut, Ramallah and Amman. The group's flagship private equity business has helped accelerate and facilitate the growth of over 40 companies in 11 countries in the region, in attractive and fundamental sectors such as healthcare, education, energy, aviation and logistics, to name a few.

More than 75 investment professionals work for Abraaj Capital, which manages seven Funds: four Private Equity Funds, Riyada Enterprise Development (a Fund dedicated to small and medium enterprises), ASAS (an income-generating, real estate Fund) and a 2004 vintage real estate Fund. Assets under management at the end of 2010 were US$ 6.2 billion. Funds managed by the Abraaj group have holdings in approximately 30 companies in the region, including Air Arabia, the region's leading low-cost carrier, Acibadem Healthcare Group, Turkey's largest privately owned hospital operator, and Al Borg Laboratories, the Middle East's largest privately owned medical testing laboratory business.

In 2011, Abraaj Capital was ranked as the largest private equity firm in emerging markets worldwide by Private Equity International. In addition, Abraaj Capital has won many regional and international awards, including the 'Middle Eastern Private Equity Firm of the Year' for six consecutive years, awarded by Private Equity International.

Abraaj Capital Limited, a member of the Abraaj group is licensed by the Dubai Financial Services Authority (DFSA).

For further information, please contact:
Nicholas Nesson / Nicholas Wilson
ASDA'A Burson-Marsteller
Dubai, UAE
Tel: 971-4-3355969
Fax: 971-4-3356080
E-mail: n.nesson@asdaa.com / n.wilson@asdaa.com

© Press Release 2011