GIH appoints head of private equity in Egypt

Mohamed Abdelsalam will drive deal sourcing and portfolio management in Egypt. The appointment forms part of the firm’s strategy to expand in the North African region.

Mohamed Abdelsalam has been appointed head of Kuwaiti investment bank Global Investment House’s (GIH) private equity business in Egypt. 

Previously, he was a partner at accounting firm BDO Khaled & Co, where he led its consulting and advisory services.

Abdelsalam will “strengthen our knowledge about the Egyptian market, enhance our deal sourcing and attain a close relationship to the fund’s portfolio companies”, Shailesh Dash, managing partner at Global Capital Management, the bank’s alternative investment asset management arm, said in a statement.

“Our investment priority would be in education, healthcare, logistics, finance and finance-related sectors,” Dash added.

Abdelsalam’s appointment follows the reshuffling of GIH’s management team earlier this March, when the firm streamlined reporting lines in a bid to lessen its debt burden after its default on a $200 million loan in December 2008.

This April, Global Capital Management exited its investment in Indian refinery Reliance Petroleum, generating an internal rate of return (IRR) of more than 70 percent on the transaction.

Global Capital Management currently manages $3.2 billion through five private equity funds: Global Private Equity Fund, Global Opportunistic Fund, Global Opportunistic Fund II, Global Buyout Fund and Global MENA Financial Assets.

Over the last four years, Global Capital Management has invested approximately $1.5 billion in 54 transactions across the MENA region, Turkey, South Asia and China. As of December 2008, the firm has made 15 exits. It has offices in Kuwait, Saudi Arabia, Egypt and Turkey.