Dubai-based private equity firm Abraaj Capital said on Sunday one of its funds had sold its stake in Arabic-language Internet portal Maktoob.com to Tiger Global Management.
Abraaj did not say for how much it sold the stake, first acquired in 2005. It said in a statement the internal rate of return from the sale was more than 75%.
Abraaj said in October it aims to raise about $1 billion selling shares in an initial public offering (IPO) next year to finance the acquisition of a Middle East finance company.
It said earlier this month it had sold a stake in Arabtec Holding, making a 13-fold return on its investment in three years.
Jordan-based Maktoob.com operates an Arabic-language search engine, matrimonial service, sports community and other web-based services. (Reuters)For all the latest tech news from the UAE and Gulf countries, follow us on Twitter and Linkedin, like us on Facebook and subscribe to our YouTube page, which is updated daily.
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