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Tue 14 Oct 2008 02:40 AM

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Dubai's Abraaj raises $3bn for buyout fund

Looking for openings in Middle East and North Africa with 30% of investors from outside the region.

Dubai-based private equity firm Abraaj Capital has raised close to $3 billion for a buyout fund, its managing director said on Monday.Speaking at a conference on private equity, Mustafa Abdul-Wadood did not give further details, but said the company would be interested in investing across all sectors as the Middle East and North Africa offers "competitive advantage".

Abdul-Wadood said that 30 percent of investors in its last fund were from outside the Middle East.

Abraaj, which operates in private equity buyouts and real estate investments, has $5 billion of assets under management, according to its website. (Reuters)

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