The Abraaj Group announces investment in Anoud Games
- Palestine: Sunday, March 10 - 2013 at 10:46
- PRESS RELEASE
The Abraaj Group, investor operating in growth markets, announced an investment by its Palestine Growth Capital Fund (PGCF) in Anoud Games, a producer of Arabic educational games and toys for children.
Anoud Games was founded in 1996 and is currently one of the largest makers and distributors of educational toys in Palestine, with a head office in East Jerusalem. Abraaj will support Anoud in expanding its product range over the investment horizon and extending its geographic reach, allowing it to export its products regionally to serve the wider Arabic speaking audience.
Ahmed Badreldin, Partner and Head of MENA, The Abraaj Group, commented: "Our investment in Anoud Games underlines The Abraaj Group's commitment to the SME space in Palestine through our Palestine Growth Capital Fund. Anoud Games is now well-positioned to increase its product range and geographic reach in order to capitalize on the attractive regional demographic trends in this underserved subsector."
Dr. Mohammad Mustafa, Chairman and CEO of PIF, said: "Anoud Games represents Palestinian entrepreneurship and business resilience at their best. We are especially proud of this investment because the company is a Jerusalem-based Palestinian company. We look forward to Anoud's success in realizing its growth targets, and are certain that PIF's and Abraaj's involvement will provide Anoud with all the help and support it needs to achieve these objectives."
George Kusa and Rania Ghneim, Co-Founders of Anoud Games, said: "This transaction is an important milestone in our growth path. Our partnering with The Abraaj Group and the Palestine Investment Fund will act as a real catalyst in the accelerated development of our business in the region. We are convinced that Abraaj's planned operational enhancements will enable us to capitalize on the opportunities that our rapid expansion has created, by strengthening key functions such as business development."
The PGCF Fund aims to provide growth capital to promising businesses in Palestine that are backed by high impact entrepreneurs, while providing investors with long-term financial returns. PGCF aims to invest in diverse sectors that present consolidation and transformation opportunities in addition to export potential. This is the second investment for PGCF.
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