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Tue 9 Nov 2010 07:51 PM

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Abraaj Capital to invest $28m in 5 start-ups

Investments covers sectors from healthcare to agricultural businesses

Abraaj Capital to invest $28m in 5 start-ups
MORE CAPITAL: Fund is also working on 10 other investments which will be concluded before the year end

Dubai based private equity firm Abraaj Capital is to invest $28 million in five start up companies as part of its $500 million investment fund for small and medium sized enterprises, the company said on Tuesday.

On the sidelines of a conference on entrepreneurship, Managing Director Tom Speechley told Reuters, the investments which is first for the Riyada Enterprise Development fund, covers sectors from healthcare to agricultural businesses.

Speechley said, the companies are based in Egypt, Kuwait and Jordan.

He said, the Abraaj fund is working on an additional 10 investments, some of which will be concluded before the end of this year.

Abraaj is the Middle East's biggest private equity fund, having raised $7 billion since it started in 2002. The Riyada Enterprise Development fund was launched in 2009. (Reuters)

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