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Abraaj asks Citi for fund admin support

Wednesday, 15 February 2012
Abraaj asks Citi for fund admin supportAbraaj Capital, the private equity manager investing in the Middle East, Asia, Africa and Turkey, has asked Citi to provide it with fund administration services for Riyada Enterprise Development, its $650m million small and medium sized enterprise fund.http://www.ftseglobalmarkets.com/

Abraaj Capital, the private equity manager investing in the Middle East, Asia, Africa and Turkey, has asked Citi to provide it with fund administration services for Riyada Enterprise Development, its $650m million small and medium sized enterprise fund.

Riyada Enterprise Development (RED) was established in 2009 to capitalise on the growing investment opportunities in the small and medium sized enterprise segment across a wide range of sectors in the Middle East and North Africa. The fund is sector agnostic and invests in entrepreneurially run and innovative businesses that are scalable into new regional markets. Since the establishment of the RED platform in 2009, the fund has invested in 13 SMEs across the Middle East and North Africa region in diverse sectors including agro-processing, media, pharmaceuticals and technology.

 “It is well recognised that SMEs are key contributors to job creation and economic growth. By facilitating access to long-term capital, Riyada Enterprise Development plays a crucial role in supporting the growth of high impact businesses and high potential entrepreneurs. We are confident that Citi’s regional expertise, coupled with its scalable fund services platform, will enable us to provide our investors with the independent administrative systems and best in class infrastructure that they require,” says Tom Speechley, chief executive officer, Riyada Enterprise Development and senior partner, Abraaj Capital:

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