Citigroup has been appointed by private equity manager Abraaj Capital to provide fund administration services for Riyada Enterprise Development (RED), the $650 million small and medium sized enterprise fund of the Abraaj Capital group.
Abraaj invests in Middle East, Asia, Africa and Turkey. Its RED fund 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, including agro-processing, media, pharmaceuticals and technology, in the Middle East and North Africa.
Tom Speechley, chief executive officer, Riyada Enterprise Development and senior partner, Abraaj Capital said: 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 Citis 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.
(JDC)