New investor in Dubai’s Abraaj

Abraaj Capital is in negotiations with United Arab Emirates investment firm Al Qudra Holdings regarding the sale of a major stake in the Dubai-based private equity firm.

Al Qudra Holdings, an Abu Dhabi-based investment firm, has acquired a major stake in Abraaj Capital, a Dubai-based private equity firm, according to a report.
 
Dow Jones said that Al Qudra has purchased a major stake in Abraaj Capital, but did not disclose the size of the stake or the transaction price.
 
Abraaj Capital declined to comment on the deal as it is “still in progress” and Al Qudra was not immediately available for comment.
 
In August, Abraaj Capital paid $505 million (€400 million) to acquire a 25 percent stake in EFG Hermes, an Egyptian bank listed on both the London Stock Exchange and the Cairo & Alexandria Stock Exchange.
 
Abraaj Capital has over $1 billion of assets under management after closing its second buyout fund, ABOF II, with $500 million of commitments in December 2005 and a $250 million India fund with Sabre Capital in March of this year.