Abraaj Capital, the largest private equity company in the Middle East and North Africa, has appointed Farrukh Abbas to head operations in Pakistan where South Asia's second-largest economy is expected to grow at six per cent or more for the next five years. Abbas, 46, has 22 years of professional experience, at least 13 of them in Pakistan.
Since 2004, Abraaj has invested almost $200 million (Dh734m) 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.
Several of Abraaj's other portfolio firms are in the developmental stage of making investments in Pakistan, such as Spinneys, the leading Middle Eastern retailer and supermarket operator.
Abraaj company manages $5bn of assets from Pakistan to Egypt and the UAE to Turkey, and now has offices in five countries, including in Dubai and London.
Since joining Abraaj in 2005, Abbas has played a key role in implementing post-acquisition strategy in several of Abraaj's holdings, a company statement said.
In Saudi Arabia, he helped guide National Air Services (NAS) in setting up the Kingdom's low-cost carrier, as well as developing its all business-class carrier, and a unit offering fractional ownership and leasing of business jets.
Abbas 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 CEO Arif Naqvi.
"Abraaj Capital's investor base includes 200 of the foremost Middle Eastern financial institutions and family groups," he said.