Abraaj stakes claim to Egypt lab venture

Prominent investment firm Abraaj Capital has acquired a 79.6% stake in Egypt's Al Borg Laboratory, the largest private laboratory in the Middle East, through a public tender offer.

The Dubai-based company intends the investment to support the growth of Egypt's primary care sector, and boost the expansion of Al Borg's services across the Middle East, North Africa and South Asia (MENASA) region.

Abraaj Capital said the number of laboratory tests conducted annually in the MENASA region is below the global average.

In Egypt, the per capita average is 2.5 laboratory tests per year, and in Saudi Arabia, six. By comparison, the per capita average is 16 tests per year in Europe and 22 tests per year in the United States.

Mustafa Abdel-Wadood, CEO of Abraaj Investment Management, said the firm will continue to pursue expansion deals.

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