Dubai private equity investor Abraaj Group has bought a stake in Anoud Games, a Palestine-based maker of Arabic-language educational games and toys for children.
The investment from Abraaj, which specialises in acquiring stakes in companies in emerging markets, comes via its Palestine Growth Capital Fund and is made jointly with the Palestine Investment Fund (PIF)’s Sharakat Programme, which targets small to medium-sized enterprises.
Neither Abraaj nor PIF disclosed financial particulars of the transaction with East Jerusalem-based Anoud, which was founded in 1996 and is one of the largest makers and distributors of educational toys in the Palestinian Territories.
A statement said that the investment would fuel Anoud’s expansion of its product range and geographic reach.
“Our investment in Anoud Games underlines the Abraaj Group’s commitment to the SME space in Palestine through our Palestine Growth Capital Fund,” said Ahmed Badreldin, partner and head of MENA, Abraaj Group.
“Anoud Games is now well-positioned to increase its product range and geographic reach in order to capitalise on the attractive regional demographic trends in this underserved subsector,” he added.
Abraaj currently manages US$7.5bn in assets. Its portfolio also includes stakes in Sharjah-based low cost carrier Air Arabia, Dubai private education provider GEMS and supermarket chain Spinneys.For all the latest banking and finance 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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