LONDON, 15 February 2012: Citigroup today announced that it has been appointed by Abraaj Capital, a leading private equity manager investing in the Middle East, Asia, Africa and Turkey, to provide fund administration services for Riyada Enterprise Development, the US$ 650 million small and medium sized enterprise fund of the Abraaj Capital group.

 

Riyada Enterprise Development (RED) was established in 2009 to capitalize 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.

 

Citi has been serving private equity funds and investors for nearly two decades and is a leading global provider of accounting, administration and tax services for private equity, venture capital and institutional investors.

 

Tom Speechley, Chief Executive Officer, Riyada Enterprise Development and Senior Partner, Abraaj Capital said: “It is well recognized 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”.
 

Kamran Anwar, EMEA Head of Private Equity Services at Citi said: “It’s a privilege to be selected by Abraaj Capital, the largest private equity group in the Middle East and North Africa, to provide fund administration services for their RED fund.  This mandate is a testament to our robust private equity services platform as well as Citi’s long-standing local presence and connections in the MENASA region.”

Sanjiv Sawhney, Global Head of Fund Services at Citi said: “Citi is committed to provide premier administrative services and market-leading technology to our private equity clients. We look forward to leveraging these resources to help the RED team achieve their growth objectives”.

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