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Al Qudra and Abraaj Capital announce strategic alliance

- October 18, 2006, 11:51 pm

Al Qudra Holding has acquired a share percentage of Abraaj Capital, the leading Financial and Investment Company in the Middle East, as part of approximately 15 important regional and international institutions, together raising the total value of the firm to 1Billion USD.

‘Through this alliance, Al Qudra Holding will mark its first prominent investment plan in the Banking and Investment field,’ said Eng. Salah Salem Bin Omeir Al Shamsi, Chairman and Managing Director, Al Qudra Holding. ‘Our partnership with Abraaj Capital demonstrates our commitment in fulfilling our company’s vision to establish innovative and successful investments that will contribute to the economic growth and prosperity of the UAE and the region.’

The increase in funds in Abraaj Capital has been directed at acquiring 25% of the EFG Hermes, the largest investment bank in the Middle East which in turn also owns 26% of the Lebanese Oude Bank. Abraaj, with this move, is now not just the leader in regional private equity, but is also the largest single shareholder in the regional investment banking giant, EFG Hermes.

‘We are pleased to be partnering with Al Qudra Holding, a leading investment company in Abu Dhabi and look forward to a collaborative partnership,’ said Mr. Arif Naqwi, CEO and the Vice-Chairman of Abraaj Capital in Dubai.

‘Al Qudra Holding along with leading Strategic Partners including Abraaj Capital is currently laying the foundations for an international bank that will expand regionally in the next few years,’ said Eng. Al Shamsi. ‘This alliance is one of many others that will successfully contribute to the development of the banking sector in the region.’

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