The founders of regional private equity firm Citadel Capital, which has $8.3 billion in investments, launched the Egyptian Private Equity Association (EPEA). Local business leaders gathered in Cairo Monday along with special guest global private equity chieftain David Rubenstein to commemorate the event.
“Continued rapid economic growth in Egypt and policymakers’ openness to having private equity participate in major projects in strategic sectors such as infrastructure and refining creates a unique opportunity for an industry body at this juncture in time,” said Citadel Capital Chairman and Founder Ahmed Heikal.
“The EPEA will raise public awareness of the positive role private equity plays in national development, it will advocate for a constructive regulatory environment and it will serve as a unique platform for the exchange of information on industry best practices,” said Citadel’s Managing Director and Co-Founder Hisham El-Khazindar. He will represent Citadel Capital on EPEA’s board of directors.
With investments spanning 14 countries and 15 industries in the Middle East and Africa, Citadel Capital was found in 2004, and has since generated cash returns to shareholders and limited partners of more than $2.5 billion on investments of $650 million, according to a statement.