Abraaj Capital to Buy Riyada Ventures, Focus on SME investments

Wednesday, November 25, 2009

Dubai-based private equity firm Abraaj Capital has agreed to acquire all of Riyada Ventures as it moves into the venture capital space.

Riyada Ventures, which was set up in the Jordanian capital of Amman in 2005, will be integrated by Abraaj into its newly launched regional SME and entrepreneurship initiative. Khaldoon Tabaza will continue as the CEO of the new business line of Abraaj.

Tabaza has worked in the MENA venture capital industry since 2000, prior to which he set up several entrepreneurial ventures.

Abraaj has previously invested in the SME space, having backed Maktoob.com, an Arab language portal recently acquired by Yahoo!. It also invested in Arabtec, Aramex and Amwal at the early stages of their growth stories.

The MENA-focused private equity firm will allocate a portion of the funds it raises for SME investments for philanthropic uses by partnering with sustainable development funds.

Source: AltAssets (link opens in a new window)