Abraaj Capital appoints CEO for Pakistan operations

Farrukh, 46, has 22 years of professional experience, at least 13 of them in Pakistan.

Since joining Dubai-based Abraaj in 2005, Farrukh has played a key role in implementing post-acquisition strategy in several of Abraaj's holdings.

In Saudi Arabia, he helped guide National Air Services (NAS) in setting up the kingdom's first low-cost carrier, as well as developing its all business-class carrier, and a unit offering fractional ownership and leasing of business jets.

Saudi investors in Abraaj sold their 30 per cent stake in NAS in June, generating an internal rate of return of 52%, implying a four-fold surge in the value of NAS over the two-year holding period.

Farrukh also has helped develop the Lebanese operations of supermarket group Spinneys, expanding the chain into Egypt, with joint ventures agreed in Saudi Arabia and Kazakhstan.

"By providing the firm with on-the-ground senior management expertise and local insight, this appointment will significantly enhance our ability to manage our existing investments in Pakistan and to identify new ones,"

said Abraaj Vice Chairman and Group Chief Executive Officer Arif Naqvi.

"Abraaj Capital's investor base includes 200 of the foremost Middle Eastern financial institutions and family groups, and with Pakistan's economy set to continue growing at six per cent per year, we can act as a very important conduit of fresh capital into the country," said Farrukh Abbas.

Since 2004, Abraaj has invested almost $200m in Pakistan -- the world's seventh most populous nation -- where it owns stakes in three firms; refinery company Bosicor Group, MS Forgings -- the country's largest forging house making steel parts for the auto industry, and Karachi-based investment bank BMA Capital.

In addition, several of Abraaj's other portfolio companies are in the developmental stage of making investments in Pakistan, such as Spinneys, the leading Middle Eastern retailer and supermarket operator.

Abraaj opens its office in Karachi with a team of seven professionals.

Overall, the company manages $5bn of assets from Pakistan to Egypt and the UAE to Turkey, and now has offices in five countries, including in Dubai, London, Istanbul and Cairo.

Before joining Abraaj, Farrukh was general manager of Coca-Cola Co. in Malaysia, where he helped turn around the loss-making, $100m business. He also helped expand the company's brand and distribution network across Malaysia, Pakistan, Bangladesh and Sri Lanka.

Farrukh also worked at Unilever, the world's second-largest consumer products company, where he helped merge the Pakistani business of Brooke Bond tea. Farrukh started his career at British chemical producer ICI.