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Egyptian Firm Looks at Two Deals in Saudi

Publication

Emirates Business 24/7

Publication Date

14 October 2009

Citadel Capital, an Egyptian private equity firm with US$ 8.3 billion in investments, is considering two acquisitions in Saudi Arabia, marking its first expansion into the Gulf, Managing Director Hisham El-Khazindar said. The firm has started talks with two “big” distressed industrial companies in Saudi Arabia, El-Khazindar said in an interview in Dubai. He declined to name the companies. “We didn’t focus previously on the Gulf because the opportunities to secure controlling stakes in companies there were scarce,” El-Khazindar said. That obstacle has eased because of the international credit crunch, he said.