Abraaj seeks $4bn for new fund

ABRAAJ CAPITAL: Attractive valuations seen in MENA and South Asia regions. (Getty Images)

Dubai-based Abraaj Capital has confirmed it is seeking to raise $4 billion for a new fund to invest in the Middle East, North Africa and South Asia.

Citing attractive valuations, Abraaj Executive Director, Omar Lodhi, confirmed to news agency Bloomberg that the company had raised $2.5 billion at the first close.

He added that this year and 2010 will be ''very exciting years'' as valuations in the private equity market follow the falls seen in public markets.

Last week sources claimed Abraaj, which manages about $6 billion for investors, may buy at least a 15 percent stake in Dubai government-owned DP World Ltd., the Middle East’s biggest port operator.

Abraaj, whose portfolio includes a 6.4 percent stake in budget air carrier, Air Arabia, was set-up in 2002 and now accounts for about 25 percent of all private equity funds raised in the Middle East. Co- investors include the region’s biggest sovereign and pension funds.

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