Abraaj Capital appoints Shirish Saraf as Managing Director

The appointment comes on the back of the firm's rapid growth within and outside the region with the successful closing of the US$500 million Abraaj Buyout Fund II and the signing of the US$250 million Abraaj Sabre Capital joint venture.

Shirish will take over as Managing Director with immediate effect. He will join the Board of Abraaj Capital while continuing with his overall responsibilities in the special opportunities, placements and business development aspects of the business.

Arif Naqvi, CEO and Executive Vice Chairman of Abraaj Capital, said: "A spokesperson for the US$6 billion private equity industry in the region, Shirish has played an invaluable part in the progress of Abraaj into what it is today. He has always demonstrated great responsibility in the fulfillment of this role and has always delivered to expectations and beyond. I am pleased to announce his appointment as Managing Director."

Shirish Saraf said:

"I am delighted to take up this new responsibility and look forward to draw on the skills and specialisations of our talented people in our journey forward."

'The US$300 billion surplus expected in GCC economies in 2006 will have a tremendous impact on all levels of industry. We look to tap some great opportunities to build value that surpasses the expectations of our investors and sets benchmarks for the industry."

Shirish has 17 years of international experience in asset management and investment banking and has been involved in several regional and international mergers and acquisitions with a particular emphasis on private equity.

In 1998, he founded Oriel Investment Company LLC in Dubai, U.A.E., which in a short span of time emerged as one of the leading regional corporate finance firms. Prior to Oriel he was at TAIB Bank in Bahrain where he was responsible for direct equity investment and syndication activity in the Gulf. From 1991 to 1994, he worked in ANZ Investment Bank's Capital Markets Group. Mr. Saraf trained with Salomon Brothers and BDO Binder Hamlyn in London between 1989 and 1991. He has previously served as a Director of Aramex Holdings and of the Commercial Bank of Oman SAOG, Al Ahlia Capital Markets SAOG, TAIB Venture Capital (Mauritius) Limited and Memo Express LLC, (UAE).