Last Update 19:33
Saturday, 25 May 2019

Dubai's Abraaj in $125 mln Morocco insurance deal

Abraaj, the largest private equity firm in the Middle East, says it is investing $125 million in Moroccan insurance holding

Reuters, Thursday 8 Mar 2012
Aaref
Abraaj Capital founder and Chief Executive, Arif Naqvi
Share/Bookmark
Views: 834
Share/Bookmark
Views: 834

Abraaj Capital is investing about $125 million in a Moroccan insurance holding firm as it bids to tap growth prospects in Africa's nascent insurance sector.

Privately-owned Saham Finances has majority stakes in three subsidiaries: Casablanca-listed CNIA Saada, sub-Saharan insurance firm Colina and Isaaf, a firm which focuses on assistance services market in Morocco, Abraaj said in a statement.

Abraaj, the Middle East's largest private equity firm and which recently bought private equity firm Aureos, said its investments will help Saham's expansion and acquisition plans in Africa and the Middle East.

The Dubai-based private equity firm, founded in 2002 by Group Chief Executive Arif Naqvi, has raised $7 billion since its inception. It owns stakes in Orascom Construction, budget carrier Air Arabia, supermarket chain Spinneys and education group GEMS. Funds managed by the group have stakes in 35 companies across the Middle East region.

Last month, Abraaj teamed with the top shareholder of TransAtlantic Petroleum Ltd to buy the Canadian energy company's oilfield services business in a deal valued at around $164 million.

Short link:

 

Email
 
Name
 
Comment's
Title
 
Comment
Ahram Online welcomes readers' comments on all issues covered by the site, along with any criticisms and/or corrections. Readers are asked to limit their feedback to a maximum of 1000 characters (roughly 200 words). All comments/criticisms will, however, be subject to the following code
  • We will not publish comments which contain rude or abusive language, libelous statements, slander and personal attacks against any person/s.
  • We will not publish comments which contain racist remarks or any kind of racial or religious incitement against any group of people, in Egypt or outside it.
  • We welcome criticism of our reports and articles but we will not publish personal attacks, slander or fabrications directed against our reporters and contributing writers.
  • We reserve the right to correct, when at all possible, obvious errors in spelling and grammar. However, due to time and staffing constraints such corrections will not be made across the board or on a regular basis.
Latest

© 2010 Ahram Online.