Zabeel Investments acquires stake in Abraaj Capital

HE Mohammed Ali Al Hashimi, Executive Chairman of Zabeel Investments, stressed that Abraaj Capital was realizing a number of exciting and unique projects of the region. "Abraaj Capital has been diversifying its own portfolio of investments and funds, which are now encompassing the areas of hospitality, banking and manufacturing industry, to name a few. Abraaj Capital's reputation both here and abroad is solid, and this equity stake will open new doors for Zabeel Investments."

During the last 10 months, Zabeel Investments has focused a large portion of its own capital in developing a real estate base, while entering in to equity agreements with key UAE partners, Asteco Property Management and Asteco Development Management. The company is looking to broaden its investment portfolio through equity stakes and joint ventures for 2007.

Zabeel Investments has multi-diverse business interests spanning private equity and asset managements across the GCC and international markets, which in turn complement its real estate development and management, tourism and hospitality interests.

Arif Naqvi, CEO and Vice-Chairman of Abraaj Capital, said: "Zabeel Investments decision to collaborate with Abraaj Capital brings two finance powerhouses together, and we look forward to a successful partnership."

The announcement comes after a recent spate of activity from Abraaj Capital including its 25 percent acquisition of EFG Hermes, the Arab world's premier investment banking firm and the creation of a $2bn sharia-compliant Infrastructure and Growth Capital Fund.

Zabeel Investments property portfolio, which closed out 2006 at a value of AED 6.4 billion, is also set to grow again in 2007, while the company is considering diversification within its own core business interests.

Al Hashimi confirmed: "We are looking to announce a number of new key projects during 2007, particularly in the areas of lifestyle and hospitality, but we are finalising the details on these projects at this stage."