Private equity firm to invest up to US$400mn in Kenya, Uganda, and Tanzania.
Citadel Capital, an Egyptian private equity firm focused on the Middle East and Africa, plans to invest between US$200mn and US$400mn in Kenya, Uganda and Tanzania during the next two years.
Hassan Massoud, an associate at Citadel Capital, said: “Today, the East African countries in which we are looking to invest have the requisite legal and, more importantly, institutional infrastructure to support investments. Where we find that a lack of investment capital and managerial capabilities remain impediments to development, these are two things we can bring into the equation.”
The firm has already made several investments in Sudan in sectors including transportation and logistics, financial services, cement, mining, agriculture and oil and gas.
“East Africa’s appealing natural competitive advantages — including fast-growing consumer markets and large workforces — fit perfectly with our time-proven strategy of turning national players into regional champions,” said Ahmed Heikal, the firm’s chairman and founder.
Citadel Capital has US$8.3bn invested in 15 industries across 12 countries. In December, the firm listed on the Egyptian Stock Exchange.
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