Citadel Capital in the News

This page maintains a select list of clippings from major national, regional and international media. Please check back regularly for updates.

  • Ahmed Heikal Praises Current Leadership of Egypt
    Youm Al Sabea | 15 January 2014 | Arabic
    Youm Al Sabea interviewed Citadel Capital Co-Founder and Chairman Ahmed Heikal, to gauge the Egyptian investor’s opinions of the current political climate. Dr Heikal identified four sectors of the social economy that need immediate attention from the interim government: energy, education, water supply and informal housing. As Egypt’s population continues to break limits of sustainability, [...]... [read]
  • Ahmed Heikal Talks Egyptian Referendum
    CNN | 14 January 2014 | English
    Citadel Capital Co-Founder and Chairman Ahmed Heikal in an interview with CNN put his support behind the draft constitution, saying that ratification of the draft would be an important step towards stability and return of law in Egypt. Dr Heikal said the charter would set new precedents in protections for minorities, basic human rights, and [...]... [read]
  • 25/30: Ahmed Heikal’s Recipe for Saving the Egyptian Economy
    ONtv | 6 January 2013 | Arabic
    Ahmed Heikal was a guest on Ibrahim Eissa’s show 25/30 during which he spoke about Egypt’s economic situation and his recipe for an economic recovery. Heikal discussed the government’s flawed energy subsidy policy, which places a large burden on the national budget. According to Heikal, BoD Chief of Citadel Capital, energy subsidies have dramatically increased, [...]... [read]
  • Structural Reform: Citadel Capital’s Hisham El-Khazindar on Why Reforming the Energy Sector is Prerequisite to Growth
    Business Today | January 2014 | English
    Co-Founder and Managing Director Hisham El-Khazindar was featured in a cover story of Business Today. Mr El-Khazindar uses the interview as an opportunity to speak about needed reforms for Egypt’s energy subsidy bill, an unsustainable system that not only eats up over half of the annual budget, but also stands in direct way of economic [...]... [read]
  • Egyptian Refining Company Receives Renewal of Government of Egypt Comfort Letter
    Zawya | 2 October 2013 | English
    Egyptian Refining Company (ERC), a core platform company of Citadel Capital has received official renewal of the Government of Egypt’s comfort letter for the strategic national project. Citadel Capital said it is on track for the planned 2016 commissioning of the refinery, which will reduce Egypt’s present-day diesel imports by approximately 60 per cent while [...]... [read]
  • Citadel Capital to Raise EGP 3.64 Billion by Capital Increase
    CNBC Arabia | 24 September 2013 | Arabic
    In an exclusive interview with CNBC Hisham El Khazindar, Co-founder and Managing Director of Citadel Capital, announced that the company has received regulatory clearance from the Egyptian Financial Supervisory Authority (EFSA) to convene a general meeting at which shareholders will be asked to approve the launch of an EGP 3.64 billion capital increase. The top official [...]... [read]
  • Ahmed Heikal on CBC with Lamis El-Hadidy
    Youtube | 23 September 2013 | Arabic
    Citadel Capital Chairman and Founder, Ahmed Heikal, appeared in an interview on CBC with Lamis El-Hadidy. The in-depth interview highlighted Heikal’s views Egypt’s current economic problems and his opinions on critical issues such as the minimum wage, the energy crisis and the inevitable dismantling of the subsidy system.... [read]
  • Government Led Initiative to Reduce Food Prices
    Al Wafd | 18 September 2013 | Arabic
    Dina Farms will take part in a government-led campaign to offer discounts on consumer goods in various supermarkets. According to Dina Farms BOD President, Boudy Ghandour, Dina Farms, a platform company of Citadel Capital, will offer a 10% discount on all of its products.... [read]
  • Egypt’s Citadel Capital Plans US$ 528mn Capital Hike
    Reuters | 15 September 2013 | English
    Citadel Capital has received regulatory clearance from the Egyptian Financial Supervisory Authority (EFSA) to convene a general meeting during which shareholders will be asked to approve the launch of an EGP 3.64 billion capital increase. The proposed share issuance would be at par value (EGP 5) and would see the firm’s paid-in capital rise to [...]... [read]
  • Minister of Industry Reshuffles Board of US-Egypt Business Council
    Al Wafd | 12 September 2013 | Arabic
    Hisham El-Khazindar, Co-founder and Managing Director of Citadel Capital, has been appointed to the board of the US-Egypt Business Council, after Minister of Industry Mounir Fakhry ordered a reshuffle of the council. Mr Fakhry works with members of leading business organizations and federations to appoint businessmen to Egypt’s premiere business councils.... [read]
  • Ahmed Heikal: Ten Positives that Create Hope
    Al Shorouk | 11 September 2013 | Arabic
    In an op-ed in Al Shorouk, Ahmed Heikal gives ten reasons as to why Egyptians should be hopeful about their collective future. Heikal speaks of how popular protests, in which millions took to the streets to demand freedom, liberty and bread, have shaped life and politics in Egypt in recent years. Those protests raised the power of the people to de facto force in Egypt, and showed how civil society has avidly used peaceful demonstration to achieve political goals.... [read]
  • Shoeib: Non-payment of Dues Owed to Foreign Partners Puts the Energy Sector in “Trouble”
    Amwal Al Ghad | 10 September 2013 | Arabic
    Non-payment of debts owed to international petroleum and gas companies operating in Egypt, puts the Egyptian energy sector in trouble, said petroleum expert, Mohamed Shoeib, who is the former Head to EGAS and the current Head of the Energy Division at Citadel Capital. Additionally, Shoeib explained that the non-payment of debt could affect future investments [...]... [read]
  • ASEC Cement Enters Iraqi Market With a Consortium of Local Partners
    Al Mal | 5 September 2013 | Arabic
    A consortium of ASEC Cement, a portfolio company of ASEC Holding, and Iraq’s Qemmet El-Iraq, has won a contract to rehabilitate and manage the Muthanna Cement Plant in the Iraqi Governorate of Muthanna, for a period of 14 years.... [read]
  • ASEC Cement Launches US$ 360 Million Plant in Minya
    AME Info | 4 September 2013 | English
    ASEC Cement, a leading regional cement group, announced today that its subsidiary, ASEC Minya (formally Arab National Cement Company) has begun cement production at its 2.0 MTPA cement plant in Minya, Egypt. The plant has been producing clinker for the past 3 months.... [read]
  • Citadel Capital Bids Farewell to Marwan Elaraby as he Rejoins the International Law Firm Shearman & Sterling LLP
    The Wall Street Journal | 2 September 2013 | English
    Citadel Capital announced today the departure of Managing Director Marwan Elaraby. Elaraby, who joined the firm in 2005, worked extensively on developing new projects and monitoring portfolio companies, with a focus on energy investments. Over the last year, Elaraby has been particularly active in developing Citadel Capital’s new strategy and transformation and has gradually been [...]... [read]
  • Amr El-Garhy to Head Citadel Capital’s Corporate Finance and Investment Review Function
    Al Mal | 1 September 2013 | Arabic
    Citadel Capital has engaged the distinguished banker Amr El-Garhy as Managing Director and Head of Corporate Finance and Investment Review Function. El-Garhy joins the firm from the National Investment Bank, where he was serving as Vice-Chairman and Managing Director. At Citadel Capital, he will be charged with ensuring platform and portfolio companies have access to [...]... [read]
  • Deciding on Identity of Egyptian Economy, Giving Private Investors Licensing to Sell Power to High-end Users
    Al-Ahram | 29 August 2013 | Arabic
    Prominent businessmen described Egypt’s current economic condition as secure, thanks to the economic aid provided by Saudi Arabia, the United Arab Emirates and Kuwait. The businessmen also advised the government to take advantage of the current window-of-opportunity by instituting reforms related to energy policies, as well as resolve other investor issues. Meanwhile, Dr. Ahmed Heikal, [...]... [read]
  • Ahmed Heikal: Former EFSA Management Policies Risked Egypt’s Removal from MSCI Index
    Al Borsa | 26 August 2013 | Arabic
    There is a risk that Egypt may be dropped from the MSCI Emerging Markets Index, due to moribund policies of the former management of the Egyptian Financial Supervisory Authority (EFSA), explained Ahmed Heikal, Chairman of Citadel Capital. Heikal’s comments were made during a Capital Markets Association meeting with the current management of the EFSA and [...]... [read]
  • Gulf Lifelines for Egypt Also Pose Hazard
    The Wall Street Journal | 23 August 2013 | English
    Egypt’s battered economy looks set to weather the current crisis with the help of cash from oil-rich Gulf countries. And despite the gloomy outlook, Egypt’s business community remains cautiously sanguine. Like many Egyptian businessmen, Ahmed Heikal, the Chairman of Citadel Capital, supported Mr. Morsi’s removal on the grounds that the former president had “violated the [...]... [read]
  • Citadel Says Strong Financials and Strategy Help Overcome Challenges
    Al-Ahram Gate | 20 August 2013 | Arabic
    Citadel Capital said in a filing that its assets and properties were not impacted by the recent domestic unrest, adding that it is capable of overcoming obstacles and continuing growth thanks to a strong financial position and investment strategy. The leading investment firm also noted that it is currently not involved in any court cases. [...]... [read]
  • Citadel Capital to Use Proceeds from Capital Increase to Boost Stake in 5 Primary Sectors
    Al Mal | 4 August 2013 | Arabic
    Citadel Capital is planning to use EGP 3.6 billion in proceeds from its capital increase to boost its stake in subsidiaries operating in five primary sectors. The move is within the framework of transforming the firm from a direct investment company to a holding company, Al Mal newspaper learnt. A first-hand source told the newspaper [...]... [read]
  • EGX Forms a Committee to Develop Policy & Strategy
    Youm7 | 1 August 2013 | Arabic
    The Egyptian Exchange (EGX) formed an advisory committee to develop and promote strategies for the market during the next 10 years. The purpose of the advisory committee is to bring together its highly experienced members in order to propose mechanisms and new tools to enhance the role of the Stock Exchange and attract new investments. [...]... [read]
  • Citadel Reaches 2-month High after Seeking EFSA’s Approval of Capital Increase
    Al Mal | 29 July 2013 | Arabic
    Shares of Citadel Capital soared 5.61% to EGP 3.39; the highest level since 22 May, 2013. The stock was powered by news that the company sought regulator approval for an increase in capital. A total of 4.2 million shares were traded in 769 transactions, totaling EGP 14.2 million. The Egyptian Financial Supervisory Authority (EFSA) stated that Citadel Capital submitted a disclosure form to request the market regulator’s approval ... [read]
  • Citadel Capital Files for EFSA Approval to Initiate EGP 3.7 Billion Capital Increase
    Al Mal | 28 July 2013 | Arabic
    Citadel Capital, the leading investment company in Africa and the Middle East, formally submitted today Egyptian Financial Supervisory Authority (EFSA)’s Form 16. The filing seeks regulatory approval to call for an extraordinary general meeting to approve the launch of an EGP 3.7 billion capital increase that would see the firm’s capital rise to EGP 8 billion from EGP 4.3 billion today.... [read]
  • Tanmeyah Targets a Portfolio of EGP 500 Million
    Amwal Al Ghad | 15 July 2013 | Arabic
    Tanmeyah’s Micro Enterprise Services is targeting a loan portfolio of EGP 500 million by the end of the year. This comes after granting EGP 222 million total in loans to clients during the first half of 2013, revealed Amr Abouesh, the President of Tanmeyah.... [read]
  • No Quick Fix in Sight for Egypt’s Energy Chaos
    Reuters - India | 11 July 2013 | English
    Citadel Capital Managing Director of Energy, Mohamed Shoeib was quoted by Reuters as saying a paralysis in decision-making in the energy sector –– spurred by Mubarak-era officials’ fears of wholesale prosecution for suspected corruption and misdeeds –– has halted much-needed reforms. As result, big industries like steel and cement have had to suffer from fuel shortfalls, as Egypt’s growing population continues to consume more and more gas at home.... [read]
  • Ahmed Heikal: Economic Tension Impedes Growth, Investors Support Governments
    Masr Al Youm | 10 July 2013 | Arabic
    Economic and political tension impede Egypt’s growth, said Ahmed Heikal, Founder and Chairman of Citadel Capital, adding that his company’s portfolio demonstrates a potential for growth despite prevailing economic challenges. Heikal said that food, exports and transportation projects were especially promising. ... [read]
  • Citadel Capital Completes New Mombasa Railway Track
    Amwal Al Ghad | 10 July 2013 | Arabic
    Rift Valley Railways (RVR), the operator of the Kenya-Uganda railway, has completed the building of 73 kilometers of new railway track between Mombasa and Nairobi at a cost of US $20 million (KES 1.7 billion) to improve the reliability and speed of cargo delivery by rail from Mombasa.... [read]
  • Citadel Capital Narrows its Consolidated Losses to 21% in 1Q13
    Reuters Arabic | 10 July 2013 | Arabic
    Citadel Capital, the leading investment company in Africa and the Middle East, reported today a standalone net profit of EGP 5.3 million and a 20.6% narrowing of its consolidated net loss to EGP 126.4 million in 1Q13.... [read]
  • Rift Valley Railways Installs GPS Technology to Improve Tracking and Speed of Cargo Movement by Rail
    PC Tech Magazine | 9 July 2013 | English
    Rift Valley Railways (RVR), the operator of the Kenya-Uganda railway, has launched a KES 800 million (more than US$ 9.3 million) technology upgrade that includes global positioning system (GPS)-based software that centrally controls the movement of trains and cargo along the railway track. The automated train warrant (ATW) software allows online visualization from an operations control center in Nairobi of the precise location of trains along the railway.... [read]
  • Egypt’s Finances Worse than Feared?
    Reuters UK | 8 July 2013 | English
    Citadel Capital Chairman and Founder Ahmed Heikal spoke with Reuters about the current state of Egypt’s economy, as the euphoria of Mr. Morsi’s departure as president fades, and many come to realize how battered he left Egypt’s balance sheet. Mr. Heikal speaks about Egypt’s unsustainable budget deficit, and what needs to be done in the short-term and long-term to save Egypt’s economy. He said Egypt will see bailout aid from Gulf States, ... [read]
  • Marginalizing Muslim Brotherhood Seen as Dangerous
    Bloomberg TV | 8 July 2013 | English
    Citadel Capital Chairman Ahmed Heikal discusses the political and civil turmoil in Egypt. He speaks with Francine Lacqua and Guy Johnson on Blooomberg TV’s program The Pulse. Mr. Heikal begins by speaking about the situation in Egypt from a political sense, saying the first big mistake made during the transitional period was to build a country on top of ‘weak foundations;’ making reference to how the country elected a president before ratifying its constitution.... [read]
  • Egypt Needs a Technocratic Government: Citadel Capital
    CNBC | 8 July 2013 | English
    Talking to CNBC Europe’s “Squawk Box,” Citadel Capital’s Ahmed Heikal said: “It is important to have a technocratic government to be able to steer the government through for the next year of transition.” Mr. Heikal noted that Egypt’s politicians and military leaders made serious mistakes during the past two and a half years –– most notable of them, electing a president and parliament before the ratification of a constitution.... [read]
  • Banque Du Caire Reissues US$ 40 Mln L/C for Citadel’s ERC
    Amwal Al Ghad | 15 June 2013 | Arabic
    For the second year in a row, Banque Du Caire agreed last May to issue a US$ 40 million Letter of Credit on behalf of the Egyptian Refining Company (ERC), a subsidiary of Citadel Capital. An official source at Banque Du Caire told Amwal Al Ghad that the bank has reissued the Letter of Credit for ERC with the purpose of importing petroleum products to cope with Egypt’s ongoing energy crisis. ... [read]
  • Citadel Capital Scholarship Foundation Announces 2013/14 Scholars and Reaffirms Commitment to Provide Educational Opportunities to Egypt’s Youth
    Al Borsa | 13 June 2013 | Arabic
    The Citadel Capital Scholarship Foundation, which provides financial assistance for talented young Egyptian students to study at elite universities worldwide, announced its 2013/14 class of 11 scholars, at its 7th annual round of scholarships. The financial assistance is contingent upon the students returning to work in Egypt after they’re done. Since its inception in 2007, the Foundation has awarded 115 scholarships to students from 11 Egyptian governorates.... [read]
  • Citadel Capital Announces Launch of Clinker Production at Greenfield Plant in Upper Egypt
    Moatamar | 6 June 2013 | Arabic
    ASEC Cement subsidiary, ASEC Minya, announced the beginning of clinker production at its newest greenfield cement plant in the Upper Egyptian governorate of Minya. Cement production is expected to follow in a month. Citadel Capital announced today that ASEC Minya (formerly the Arab National Cement Company), a key subsidiary of portfolio company ASEC Cement, has started the production of clinker at its 2.0 MPTA cement plant in Minya. Cement production is expected to commence within one month, a press release stated.... [read]
  • Egypt: Securing Energy Supplies
    Oxford Business Group | 5 June 2013 | English
    Oxford Business Group reported on how exploration to maintain production is an important facet of Egypt’s energy policy. But given the long lead times involved and the rate of demand growth, imports are likely to become an ever more important part of the gas supply. In November, QInvest, a Qatari state investment fund, signed a deal with Egyptian private equity outfit Citadel Capital for the construction of an LNG storage facility and re-gasification unit on the Red Sea coast. Citadel Capital asserts that this could supply up to 10% of Egypt’s gas needs. The large and growing Egyptian market should certainly appeal to Qatar, the world’s largest LNG produce... [read]
  • Egypt’s New Gas Swap Deal with Qatar and Foreign Investors is not Enough, Says Shoeib
    Youm7 | 3 June 2013 | Arabic
    Egypt’s energy crisis is worsening by the day, said Mohamed Shoeib, the Managing Director of Energy at Citadel Capital. Shoeib warned this summer will be incredibly tough for Egyptians to bear, as the state faces a daily deficit of 1500 million cubic feet of natural gas –– a common fuel source used in every facet of Egyptian society, from the factory floor to the family’s living room. Shoeib also warned that a temporary gas swap deal Egypt struck with Qatar that involves immediate consumption of output from foreign investors like BG Group and Petronas will not foot the bill this summer; Egypt will still see wide shortfalls in gas, said the energy expert. ... [read]
  • Negotiations Between TAQA & EGAS to Deliver Gas to One Million Housing Units in Upper Egypt
    Al Mal | 3 June 2013 | Arabic
    TAQA Arabia started negotiations with the Egyptian Natural Gas Holding Company (EGAS) to discuss details of a Citadel Capital project which aims to deliver gas to one million households in Upper Egypt without financially burdening the government, revealed Mohamed Shoeib, the Managing Director of Citadel Capital’s Energy Division. Additionally, Shoeib announced the launch of Citadel Capital’s waste-to-energy project, which will help provide energy to cement companies. Shoeib emphasized that waste-to-energy projects were previously underdeveloped in Egypt because gas was inexpensive. However, in light of rising gas prices, waste-to-energy projects are now worth investing in.... [read]
  • Egypt’s Power Crisis Worsened by Declining Natural Gas Production
    Financial Times | 29 May 2013 | English
    Ahmed Heikal, Chairman and Founder of Citadel Capital, spoke to Financial Times to provide his insight on Egypt’s pressing need to lift outdated energy subsidies and better market its oil and gas prospects. Mr. Heikal said the government was “to be commended” for raising the price of gas to industry to US$ 6 per million British Thermal Units. “When you start importing gas, it will reverberate throughout the system and it will mean higher gas prices and higher electricity prices,” said Mr. Heikal. Egypt’s widening budget deficit, at almost 11.5% of gross domestic product, places it in a “race against time” to rein in spending on energy, he said. The ballooning deficit in addition to dwindling foreign currency reserves have also curtailed the government’s ability to pay international oil companies working in the country. ... [read]
  • Details on Citadel Capital Transformation into an Investment Company
    Zawya | 26 May 2013 | Arabic
    Egypt’s new Minister of Investment, Yehia Hamed, conducted a meeting with Ahmed Heikal, Founder and Chairman of Citadel Capital, during which they discussed several topics of importance, including the firm’s evolution into an investment company and its related capital increase.... [read]
  • Lamis Al-Hadidy Asks Shoeib: What is Qatar Getting in Return from Gas Exports to Egypt?
    CBC | 26 May 2013 | Arabic
    In an interview with Lamis Al-Hadidi on the CBC channel, Mohamed Shoeib, Managing Director of Energy at Citadel Capital, emphasized the importance of explaining all aspects of Egypt’s energy problems to its citizens. Shoeib also explained that the process of gas importing should have started earlier and moved faster in order to avoid the crisis in which the country currently finds itself. He added that 80% of Egypt’s electricity is reliant on gas and 20% on Mazot and diesel.... [read]
  • Citadel Capital to Hold on to RVR Stake for 10 to 15 Years
    The East African | 25 May 2013 | English
    Citadel Capital, the majority shareholder private equity fund in the Rift Valley Railways (RVR) consortium, said it has changed its investment holding period from short to long term to give more value to its investors. The company’s investment holding period in assets has ranged from 3 to 5 years, but this year has been revised to 10 to 15 years, signaling that it is likely to hold on to its RVR stake until the 25-year concession period ends. “Investments like RVR that can be a part of Africa’s growth story are not businesses that lend themselves to short holding periods. As an investment company we are now focusing on taking a much longer 10-15 year view on opportunities versus the traditional 3-5 year private equity industry view,” said Citadel Capital Co-Founder and Managing Director Hisham El-Khazindar.... [read]
  • Heikal to Al Nahar: Citadel Capital’s Investments Surpassed US$ 58.3 Billion
    Al Nahar | 25 May 2013 | Arabic
    In an interview with Al Nahar, Ahmed Heikal, Chairman and Founder of Citadel Capital, said he was optimistic about new laws that will make Egypt more attractive for investments and that he also supported the government’s decision to focus on upgrading infrastructure. Additionally, Heikal spoke about Egypt’s energy crisis, emphasizing that it is imperative for the government to reevaluate its subsidy strategy to ensure subsidies are directed to their intended recipients.... [read]
  • The Citadel Capital Story
    CCTV | 23 May 2013 | English
    Ahmed Heikal, Chairman and Founder of Citadel Capital, granted a video interview with business journalist Yasser Hakim from CCTV North Africa for Business News. The interview focused on Citadel Capital’s future investment plans with particular emphasis on projects in Africa.... [read]
  • Citadel Capital: Investments in Egypt Face Economic and Political Challenges
    Zawya | 16 May 2013 | Arabic
    Hisham El-Khazindar, Co-Founder and Managing Director of Citadel Capital, took part in a panel on emerging market opportunities and trends at the IFC-EMPEA annual gathering in Washington, D.C., where he outlined the potential for sustainable, high-growth investments in Africa and the Middle East.... [read]
  • Mashreq Petroleum: Signs Agreement with Port Said Port Authority to Establish First Storage Station
    CNBC | 15 May 2013 | Arabic
    In a short interview with CNBC, Dr. Tamer Abu Bakr, Chairman and Managing Director of Mashreq Petroleum and Head of the Energy Division under the Egyptian Federation of Industries, detailed the 25-year concession agreement that was signed with the East Port Said Port Authority, which will allow Mashreq to build the first independent tank terminal in Egypt, an investment worth EGP 3 billion.... [read]
  • Mashreq Looks to Capitalize on Suez Canal’s Strategic Importance in Global Logistics with New Fuel Bunkering Terminal
    Al Dostor | 13 May 2013 | Arabic
    An integrated fuel bunkering terminal will be established at the Suez Canal axis for the first time in Egypt’s history, announced Mashreq Petroleum, a core platform company of Citadel Capital. Al Dostor said Mashreq made the announcement after it signed an agreement today with the Egyptian government. According to Mashreq Board of Directors President Dr. Tamer Abu Bakr, the agreement is a 25-year concession agreement, which will give Egypt the ability to capitalize on the heavy traffic that passes through the Canal each year. Abu Bakr said the agreement features a 5-year extension clause, allowing Mashreq a longer lease if the company fulfills 90% of projected output of services. The Suez Canal sees 20,000 ships pass through its waters each year, representing about 10% of global maritime trade and 22% of container trade in the world.... [read]
  • Symposium at American Chamber Talks Tough on Egypt’s Energy Challenges
    Al Shorouk Al Gadeed | 13 May 2013 | Arabic
    Time has run out for Egypt’s policy makers to phase out energy subsidies, said Ahmed Heikal at a symposium focused on Egypt’s energy challenges, hosted by the American Chamber of Commerce. Critically low foreign currency reserves coupled with liquidity problems that Egypt has faced since the revolution has left the current administration with no other option but to free up spending on costly and ineffective subsidies, Heikal said. The leading businessman spoke of how Egypt’s energy market would boom after the elimination of this outdated subsidy regime. Among attendees who rallied behind Heikal’s stance was Tamer Abu Bakr, the head of energy at the Egyptian Federation of Industries.... [read]
  • Citadel Says 2012 Loss Narrowed by 12%
    Reuters | 11 May 2013 | English
    Egyptian private equity firm Citadel Capital said on Saturday its consolidated net loss in 2012 narrowed by 12% over the previous year. The firm lost 702.4 million Egyptian pounds (US$ 101 million) in 2012 compared with 800.5 million in 2011, according to an earnings statement published in Egyptian daily newspaper Al-Shorouk. Citadel, which has US$ 9.5 billion in assets under its control, said in a statement it was changing from a “hybrid private equity business model” to an investment company.... [read]
  • A Billion Reasons to Invest in Africa
    Management Magazine | 8 May 2013 | English
    Co-Founder and Managing Director Hisham El-Khazindar sat down with Management Magazine to speak about his 2013 Young Global Leaders (YGL) award, and how he plans to use the platform to become a ‘high-profile ambassador’ for the outstanding opportunities and potential Citadel Capital sees in African economies. El-Khazindar shares with the magazine Citadel Capital’s selective focus on African investments, as well as how the firm’s strategy to stay apolitical in Egypt during the past few years has helped it stay grounded in a country shaken by turmoil.... [read]
  • Egyptian Refining Company Adds to List of Awards, Receives Further Global Recognition for Financial Close on US$ 3.7bn Project
    Zawya | 30 April 2013 | English
    Citadel Capital’s Egyptian Refining Company (ERC), a US$ 3.7 billion greenfield petroleum refining upgrade project in the Greater Cairo Area, received the Infrastructure Journal “Oil & Gas Deal of the Year” and overall “Deal of the Year” awards in April 2013. The awards underscore the importance of this vital national project and its ability to win substantial international backing despite the economic challenges Egypt presently faces.... [read]
  • AUC Alum, Trustee El-Khazindar Selected as 2013 Young Global Leader
    American University in Cairo | 21 April 2013 | English
    AUC alumnus recognized by the World Economic Forum for his substantial leadership roles and commitment to creating a better world and shaping the global agenda.... [read]
  • Ross, Elaraby Speak at Bloomberg Link Doha
    Bloomberg TV | 11 April 2013 | English
    Wilbur Ross, chairman of WL Ross & Co., and Marwan Elaraby, Managing Director at Citadel Capital, spoke about investment strategy on 8 April at the Bloomberg Link Doha Conference in a panel discussion moderated by Bloomberg’s Dale Crofts. Elaraby spoke specifically about Citadel Capital’s enthusiasm in investing in Africa. According to the managing director, the investment holding company looks to reap gains from Africa’s growing middle class and possible reforms of state subsidies. ... [read]
  • Citadel Capital Participates in Panel on Alternative Methods of Investment at 10th Annual AVCA Conference
    Zawya | 9 April 2013 | English
    Citadel Capital Managing Director and AVCA Board Member Karim Sadek makes the case for non-traditional funding models as the best vehicle for capturing opportunity, maximizing profits and driving growth on the African continent. ... [read]
  • Egyptian Government Between Rock and Hard Place: Heikal
    Bloomberg TV | 8 April 2013 | English
    Citadel Capital Chairman Ahmed Heikal discusses finding investment opportunities in Egypt with Cristina Alesci on Bloomberg Television’s “Money Moves.” During the interview, Mr. Heikal touched on Egypt’s ballooning budget deficit, and how a combination of rigorous reforms, decisive government action, political unity and a string of international loans brought on by a long-sought after IMF loan program will all help spur investment in the country. Heikal also spoke about Africa’s massive, mostly untapped potential, and urged investors to follow Citadel Capital’s lead into the continent. ... [read]
  • Egypt in Crisis Needs Inclusive Leadership
    Financial Times | 8 April 2013 | English
    Hisham El-Khazindar, Co-Founder and Managing Director of Citadel Capital, wrote an opinion piece in the Financial Times in which he argues Egypt’s political and economic crisises have left the country with sectarian divisions, a ballooning budget deficit, a bloated, tired energy subsidy bill and tantamount to all: ineffective leadership from President Mohamed Morsi and his political bloc, the Muslim Brotherhood. El-Khazindar asserts Egypt needs inclusive leadership to push past political deadlock and brinkmanship. Egyptians, who stood peacefully for 18 days to topple Hosni Mubarak, will no longer accept ‘strongman, top-down diktats or a monopoly on power.’ His argument also presses the urgent need for energy subsidy reform, which would free up an estimated US$ 20 billion a year. These savings, according to him, should be used to create a direct cash subsidy system targeted at low-income families.... [read]
  • Africa Must Strategize to Attract FDI
    Capital FM | 5 April 2013 | English
    Kenya and other governments in Sub-Saharan Africa have been urged to come up with new strategies that will attract more Foreign Direct Investments in the continent. Citadel Capital Managing Director Karim Sadek says the biggest task is to put more effort into developing and building critical national infrastructure and adding value to natural resources. Currently, the United States, United Kingdom, Japan and France hold more than 70% of the total FDI stock in Africa. On volume basis, the oil exporting nations such as Nigeria and Angola are leading the list of nations with significant FDI inflows. Sadek said there is need for the governments to collaborate more with the private sector to hasten some of the key national infrastructure projects including roads and energy and set policies that will attract more investors. He emphasized the need to grow the Africa Intra-trade, which currently stands at 10%. “Citadel Capital has been saying ‘Africa Rocks,’ and ‘it’s time for Africa’ long before eyes started to get fixated on this continent,” Sadek said. Sadek spoke ahead of the Africa Venture Capital Association (AVCA) annual conference scheduled to take place in South Africa from April 8 this year.... [read]
  • Political Agreement, Transparency and Competent Government First Steps to Saving Economy
    Al Mal | 1 April 2013 | Arabic
    In an Al Mal report about the importance of political accord, transparency and competent governance –– a formula arguably needed for Egypt to reign in its troubled economy. Amr M. El-Kadi, an investment specialist, explains how political harmony and a politically impartial security apparatus are needed prerequisites for economic development.... [read]
  • Cooperation Protocol Between ASEC Cement Subsidiaries and the University of Al- Minya
    Al Alam Al Youm | 26 March 2013 | Arabic
    ASEC Cement’s subsidiaries, ASEC Readymix and ASEC Al-Minya, signed a cooperation protocol with the University of Al-Minya to upgrade the university’s training courses in the fields of chemistry and geology. The move comes as part of a corporate social responsibility strategy to improve lives and support education in Upper Egypt.... [read]
  • Citadel Capital Appoints Khaled Abubakr as Executive Chairman and Pakinam Kafafi as CEO for its Energy Distribution Business “TAQA Arabia”
    Al Borsa | 24 March 2013 | Arabic
    Citadel Capital announced today two new senior management appointments at TAQA Arabia, Egypt’s largest independent energy distribution business and one of CitadelCapital’s 10 focus platforms. Khaled Abubakr was appointed as Executive Chairman and Pakinam Khalifa was selected for the role of CEO.... [read]
  • Misr Cement-Qena Studies Investing EGP 300 Million in a Quay at Safaga Port
    Marsad Masr | 19 March 2013 | Arabic
    Marsad Masr reported about Misr Cement-Qena possibly investing EGP 300 million in a quay at the Safaga port, which is equipped to receive coal. The move comes in light of the company’s search for alternative energy sources to fuel cement production, after a spike in the price of mazot, which is the main energy source used by cement companies.... [read]
  • Discussion at “The Arab World Unbound” Book Signing
    Al Mal | 17 March 2013 | Arabic
    Citadel Capital Co-Founder and Managing Director Hisham El-Khazindar led a discussion on the best ways to capitalize on the potential of Egypt’s youth at the book signing event for “The Arab World Unbound,” written by globally renowned author Vijay Mahajan.... [read]
  • RVR Introduces New Management System
    The CEO Magazine | 14 March 2013 | English
    Rift Valley Railways (RVR), the concession running the Uganda–Kenya railway line, has adopted SAP, an Enterprise Resource Planning (ERP) management system with an aim of improving its service delivery to its customers, enhancing the company internal operations by synchronizing all its departmental functions, improving and simplifying decision making in helping to streamline operations, reduce costs and eliminate duplication. Commenting on the system, the General Manager of RVR Uganda Mr. Mark Rumanyika said, “Since RVR is expanding its services, the SAP system is timely to enhance company operations to run in a synchronized manner in all its departmental functions. All activities within the company will be monitored closely which will ease accountability. This system is also expected to actively create easier global integration by bridging barriers of currency exchange rates, language and culture.”... [read]
  • Africa – A Continent ‘Rocking with Opportunities’!
    CPI Financial | 13 March 2013 | English
    Late last year, Ahmed Heikal, Chairman and Founder of Citadel Capital, claimed, “Africa is rocking with opportunities for savvy private equity players.” The continent has vast mineral resources, holding eight per cent of the world’s oil reserves and seven per cent of its natural gas reserves. Heikal believes in the ‘SANE’ choice in particular; the SANE countries (South Africa, Algeria, Nigeria and Egypt) account for one-third of Africa’s population and more than half of the continent’s FDI, foreign reserves, exports and trade.... [read]
  • Hisham El-Khazindar Named 2013 Young Global Leader by World Economic Forum
    Arab Finance | 12 March 2013 | Arabic
    The World Economic Forum has selected the Co-Founder and Managing Director of Citadel Capital as a 2013 Young Global Leader. The prestigious recognition is awarded to active young leaders from around the world who show outstanding initiative and commitment towards global, regional and industry agendas. ... [read]
  • Joelle Fahmy Joins Citadel Capital as Managing Director
    Reuters Arabic | 12 March 2013 | Arabic
    Citadel Capital, the leading investment company in Africa and the Middle East, is pleased to announce the appointment of Joelle Fahmy as Managing Director, where she is primarily responsible for the firm’s network of debt and banking relationships in Egypt and abroad. ... [read]
  • Factories Struggle in Egypt as Costs, Risks Rise
    Reuters | 27 February 2013 | English
    The plight of Egypt’s industrialists points to the wide range of ways in which the economic environment has deteriorated in the two years since Hosni Mubarak was toppled. Because of endemic political conflict, foreign investment has shrunk and foreign currency reserves have slid to critically low levels as President Mohamed Morsi’s Muslim Brotherhood prepares for parliamentary elections starting in late April. The slide in the Egyptian pound, down about 8 percent since late December to record lows against the US dollar, is a boon to some exporters. Egyptian investment firm Citadel Capital, which owns stakes in companies that export over US$ 300 million a year in various industries including food, says it is profiting. “Currency devaluation is affecting our business positively. If you are investing in an exporter or import substitute, then you’ll benefit,” Citadel Founder and Chairman Ahmed Heikal told Reuters, predicting that exports would rise substantially.... [read]
  • State Council Grants Mashreq Rights for Fuel Bunkering Station
    Rose Al Youssef | 26 February 2013 | Arabic
    The Egyptian State Council has granted Mashreq Petroleum, a core platform company of Citadel Capital, the rights to run a fuel bunkering station at Port Said. Under the lease agreement, which is valid for 25 years, Mashreq will have a 300,000 square meter lot at the port. According to Walid Abdel Ghaffar, a project coordinator at the Suez Canal, the bunkering station is an EGP 2.5 billion investment, and it has a storage capacity of 750,000 sqm. The new bunkering station could help secure larger energy suppliers for Egypt, said Abdel Ghaffar.... [read]
  • Egypt’s Citadel Sees Higher Revenues From Weak Currency
    Reuters Arabic | 25 February 2013 | Arabic
    Egypt’s Citadel Capital hopes to raise US$ 300 million from divesting non-core assets within three years, its chairman said, predicting that some of its businesses would benefit from an export boom because of the weak Egyptian pound. The pound has tumbled about 8% to record lows against the U.S. dollar since late December, when the central bank softened its defense of the currency, which is under pressure because of the country’s political and economic turmoil. Citadel, the leading investment company in Africa and the Middle East with US$ 9.5 billion in assets under management, has stakes in companies which export over US$ 300 million a year across different businesses, including food, Founder and Chairman Ahmed Heikal said in an interview on Monday. “Currency devaluation is affecting our business positively. If you are investing in an exporter or import substitute, then you’ll benefit,” Heikal said. “We expect that (exports) will be increased substantially rather than go down.”... [read]
  • Access Middle East: Ahmed Heikal
    CNBC | 24 February 2013 | English
    Africa has long been touted for its abundance of natural resources and favorable demographics, but the rise of improved governance is the game-changer. Ahmed Heikal, Founder and Chairman of Citadel Capital argued that it is a great time to invest in Africa with manageable risk, in a half-hour interview with CNBC. ... [read]
  • How to Save the Egyptian Economy
    Al Mal | 24 February 2013 | Arabic
    Al Mal published a five-page report on a seminar it organized in conjunction with and the participation of prominent businessmen to discuss a way out of Egypt’s economic crisis. Leading businessmen were asked to give a brief summary on the crisis and suggest solutions. Hisham El-Khazindar expressed his position that Egypt’s core problem is political in nature, and highlighted the need for the government and opposition to unite in order to create legitimacy for much-needed austerity measures.... [read]
  • TAQA Power
    Business Monthly | February 2013 | English
    TAQA Power, a subsidiary of Citadel Capital, has opened a 120 MVA substation in Nabq, a tourist development in South Sinai. The EGP 200 million electricity facility is the first private-sector project of its kind in South Sinai to provide much needed electricity to the 35 million-square-meter development near Sharm El-Sheikh on the Red Sea, which includes some 100 resorts as well as residential and commercial projects. Managing Director Magdy Saleh said TAQA is committed to investing in renewable energy sources, including wind and solar power as well as the possibility of generating energy from agriculture waste. ... [read]
  • Egypt Is Pressed for Time: CEO Ahmed Heikal
    CNBC | 21 February 2013 | English
    In an interview with CNBC, Ahmed Heikal, Chairman and Founder of Citadel Capital, stated that the Muslim Brotherhood is clearly pro-markets and learning but the country is pressed for time. He added that Egypt’s most pressing issue is the deficit brought on by a failing energy sector and that investors should pursue sectors which stand the greatest chance of weathering the stormy transitional period.... [read]
  • ASEC Cement Donates EGP 2 Million to Fund School Meals
    Al Alam Al Youm | 20 February 2013 | Arabic
    ASEC Minya Cement is donating two million Egyptian Pounds (US$ 300,000) to the UN World Food Program (WFP) in support of its school meals program in Minya governorate that benefits 16,000 children and their families. The funds will allow WFP to provide a nutritious mid-day snack to more than 3,000 children in one-classroom community schools and take-home rations to their families, benefiting close to 13,000 people in the poorest areas of Minya. ... [read]
  • Misr Cement-Qena to Use Coal instead of Mazot & Construct Safaga Harbor
    Reuters Arabic | 19 February 2013 | Arabic
    The board of Misr Cement-Qena (MCQ) approved forming a committee to work, in conjunction with ASEC [Cement], on conducting a feasibility study for utilizing coal as MCQ’s primary source of energy instead of mazot. Board members also gave the green light to hire an advisory office to prepare designs and run a cost analysis for the establishment of a harbor in Safaga that lies on the coast of the Red Sea.... [read]
  • Tanmeyah Allies with the Arab-African Bank
    Al Borsa | 17 February 2013 | Arabic
    Tanmeyah’s Micro Enterprise Services signed a partnership contract with the Arab-African Bank, extending Tanmeyah’s services to include money wiring and ATM services at its 30 branches.... [read]
  • Get a Move On: Africa’s Booming Economy Needs Modern Trade Routes
    The Economist | 16 February 2013 | English
    In an article that advocates for better transportation routes across Africa, Citadel Capital is mentioned as a private equity [sic] firm that has an ‘ambitious plan to create transport links away from Africa’s roads.’ The Economist reports Citadel Capital is putting together a privately run corridor across the Sahara and into east Africa, connecting the Mediterranean and the Indian Ocean, to move cargo more than 6,000km by rail and river, by far the cheapest way. According to the firm’s calculations, five liters of fuel can carry a ton of cargo 100km by road but 333km by rail and 550km by boat. The article goes on to describe the company’s transport and logistic services along the Nile in Egypt and South Sudan and also mentions Rift Valley Railways. The article concludes with a quote from Ahmed Heikal, who insisted that “in the long term” a continuous, cost-effective system of transport will be established between North Africa and the rest of the continent.... [read]
  • Citadel’s Nile Cargo Completes 1st Anchorage Operation with Purpose-Built Floating Cranes
    Arab Finance | 12 February 2013 | Arabic
    Nile Cargo, a portfolio company of Nile Logistics, Citadel Capital’s platform in the logistics, river transport and port management sector, has announced the completion of its first anchorage operation with purpose built floating cranes in the Port of Alexandria. With a daily handling capacity of 15,000 tons and a combined annual handling capacity in excess of 3 million tons, Nile Cargo’s EGP 47 million floating cranes provide a significant increase in the Port of Alexandria’s cargo handling capacity with minimal capital expenditure by the Port Authority. ... [read]
  • The Next 3 Decades Are Africa’s: Citadel Capital
    CNBC | 11 February 2013 | English
    Over the next three decades, Africa will flourish on the back of improved governance and political stability, the Chairman and Founder of Citadel Capital told CNBC, arguing that now is the time to invest in the continent. “This is a great time in history to start investing in Africa. You have the entire continent which is open to you, very little competition, a political environment that is better than it was 20 years ago, and it will get better,” Ahmed Heikal said in an exclusive interview with CNBC’s “Access: Middle East.”... [read]
  • Egypt Is Warned Of ‘Collapse’
    The Wall Street Journal | 29 January 2013 | English
    After five days of street violence and months of political paralysis, Egypt’s defense minister fired off what was widely seen as a warning to sparring political factions and street rioters that the country’s military might intervene to restore order. But Egypt’s increasingly divisive politics could still scuttle any conciliatory deal just as the economy faces the brink of collapse. The IMF may hope to see a political consensus over the loan’s terms, which would include unpopular measures such as tax increases and cuts to energy subsidies. “When a country is divided like it is now, it leaves very little room for making changes,” said Ahmed Heikal, Founder and Chairman of Citadel Capital, Egypt’s largest private-equity firm. “The train is headed toward the cliff and we’re still arguing about who should be the conductor.”... [read]
  • Investing in Africa with Ahmed Heikal
    Africa Business News | 24 January 2013 | English
    In an interview with ABN’s Alishia Seckam in Davos, Ahmed Heikal, Chairman and Founder of Citadel Capital, discussed investing in Africa. Heikal emphasized that while investment in Africa is currently moving at a slow pace, market activity will accelerate over the next ten years.... [read]
  • Algeria Violence Won’t Deter Citadel from Project: Heikal
    Bloomberg | 24 January 2013 | English
    Citadel Capital won’t back out of a project to build a cement plant in Algeria after foreign hostages were killed at a gas plant, Chairman Ahmed Heikal said. “On the contrary,” Heikal said, when asked about delaying or canceling the project, in an interview in Davos, Switzerland, where he was attending the World Economic Forum. “Once we get the final approvals from the Algerian government, we will move ahead.”... [read]
  • How Much Potential Does Africa Have?
    CNBC | 23 January 2013 | English
    Ahmed Heikal, Chairman and Founder of Citadel Capital, had a chance to tell CNBC at the Davos World Economic Forum why Africa is going to ‘own’ the next 30 years and explains his huge investment in the continent. ... [read]
  • Ahmed Heikal Named One of Africa’s Most Influential People in 2012
    Mubasher | 23 January 2013 | Arabic
    Pan-African current affairs magazine, New African, has named Ahmed Heikal, Founder and Chairman of Citadel Capital, one of the 100 Most Influential Africans of 2012, citing his “distinctly pan-African vision,” concrete achievements at portfolio company Rift Valley Railways, and his successful efforts to bring important Egyptian and African issues to the international stage.... [read]
  • TAQA Power Begins Operations at its First Electrical Substation
    Mubasher | 21 January 2013 | Arabic
    TAQA Power, a leading private-sector power developer, has begun operations at its 120 MVA substation in Nabq. The EGP 200 million substation is the first private-sector project of its kind in South Sinai to boost electrical capacity to the Nabq tourist center. TAQA Power is a branch of TAQA Arabia, Citadel Capital’s full-service energy distribution platform with a focus on gas and electricity distribution and fuels marketing.... [read]
  • Ahmed Heikal: The ‘Triple Combo’ of Development Finance Institutions, Export Credit Agencies and Sovereign Wealth Funds are Keys to Economic Development
    Al Borsa | 20 January 2013 | Arabic
    Amidst the many challenges that Egypt currently faces, the ‘triple combo’ of Development Finance Institutions, Export Credit Agencies and Sovereign Wealth Funds are part of the solution. Egypt currently faces three major interlocking challenges: an energy-induced balance of payments problem, unemployment, and high inflation, with all three set to be complicated by the impact of devaluation of the national currency. Bilateral and multilateral support programs are among the keys to solving these problems and accelerating economic growth, the founder of Africa’s leading Investment Company told participants at the AmCham MENA Regional Council Annual Conference in Cairo.... [read]
  • Ahmed Heikal: Egypt’s Energy Crisis
    Al-Ahram | 16 January 2013 | Arabic
    In an article summarizing Ahmed Heikal’s view on Egypt’s economy, he explained how Egypt’s economic recovery and growth has been deterred by the counterproductive energy policies that have been in place since 2000. Concerning the pound devaluation, Heikal noted that it could provide a windfall of benefits if foreign investors were to flock to Egypt’s marketplace.... [read]
  • World Bank Egypt Director: ‘WB Contributed US$ 5 Billion to MENA in 2012’
    Daily News Egypt | 15 January 2013 | English
    Egyptians “live in the middle of an energy induced balance of payment crisis, and all the challenges the Egyptian economy is facing are directly linked to the energy sector,” Citadel Capital Chairman Ahmed Heikal said in a speech given this week to the American Chamber of Commerce in Cairo. According to Heikal, Egypt’s most important challenge is its severe energy shortage, which could be eased by price reforms. “We have been mispricing energy for a long time,” said Heikal, who went on to peg high unemployment and inflation as the next biggest challenges facing the current administration. And in regards to forthcoming price hikes of Egypt’s basic commodities, Heikal proposed a social safety net to protect Egypt’s most needy.... [read]
  • Citadel Says Egypt Revolt Accelerating Six-Year Currency Belt
    Bloomberg | 10 January 2013 | English
    Citadel Capital expects a weakening Egyptian pound to boost revenue as it targets US$ 4 billion of investment in its home country and east Africa this year. Anticipating the depreciation of the pound, Citadel has increased investments in commodities and exports and expanded in Africa, Ahmed Heikal said. Citadel Capital has about US$ 9.5 billion in investments under control across 15 industries including mining, cement, transportation, food and energy. It plans to boost spending through existing units this year in Mozambique, Uganda, Tanzania, Kenya, Ethiopia and Egypt, focusing on natural resources, transportation, food and agriculture, he said. “We’ve been anticipating currency devaluation since 2006, and the revolution has accelerated that process,” Heikal said January 8 at his Cairo office overlooking the Nile. “On balance, Citadel stands to clearly gain from devaluation.”... [read]
  • Citadel Capital: An Integrated Vision for Energy and Innovative Solutions for Energy Project Financing is Imperative
    Arab Finance | 8 January 2013 | Arabic
    Citadel Capital, the leading investment company in Africa and the Middle East with US$ 9.5 billion in investments, participated today in the 4th General Conference and Exhibition of the Arab Union of Electricity. The conference was held to discuss investment opportunities in the regional energy sector. Mohamed Shoeib, Managing Director of Citadel Capital’s Energy Division moderated a panel on the role and benefits of private capital in the power and alternative energy sectors in the region, with some of the topics discussed including the general financing requirements for such projects and the institutions involved in financing them.... [read]
  • Citadel Capital to Inject Investments in Solar Power
    Al Mal | 6 January 2013 | Arabic
    Mohamed Shoeib, Managing Director of Citadel Capital’s energy division, discussed a variety of issues concerning the energy sector in Egypt in addition to disclosing some of Citadel Capital’s upcoming projects, such as new investments in solar power, in an extensive interview with Al Mal. He suggested that a new subsidies program would save the government US$ 84 billion and stressed the importance of preventing monopolies in the gas importation scheme by not offering exclusivity contracts. He went on to state that the Egyptian Refining Company’s facility would be completed in 2016.... [read]
  • Wealthy Gulf Investors Warm to Africa
    Reuters | 2 January 2013 | English
    Wealthy Gulf Arab companies are boosting their investment in Africa’s vast lands and untapped resources, marking a shift for investors who have traditionally directed their money towards assets in the United States and Europe. One reason for the shift is negative: with government debt problems weighing on US and European markets, those regions no longer look as attractive to some Gulf investors as they did just a few years ago. Speaking on the shift, Ahmed Heikal said “I can see Gulf investors warming up to Africa. Any opportunity there grabs their attention…Africa is becoming more interesting because of the natural resources it has, its demographics and better governance.”... [read]
  • Africa is Next Frontier for Growth, Citadel Says
    Bloomberg Businessweek | 26 December 2012 | English
    Citadel Capital Chairman Ahmed Heikal talks about energy infrastructure in Egypt, state subsidies and investing in East Africa. He speaks with Maryam Nemazee on Bloomberg Television’s “The Pulse.” Speaking on East Africa, Heikal delivers a clear, concise message of how ‘rocking’ East Africa’s economies will be over the coming years. Heikal lists the following bullet points as reasons behind the region’s attractiveness to savvy investors: plentiful natural resources, a large consumer population, a good regulatory environment, and high growth rates. ... [read]
  • Egypt’s Citadel Capital Says Q3 Net Loss Narrows
    Reuters | 23 December 2012 | English
    Citadel Capital announced today its financial results for the third quarter of 2012, reporting a 2.5% rise in principal investments and 0.7% increase in total invested equity quarter-on-quarter as it made continued progress on reduction of execution risk at key greenfield investments, drawing down additional equity and debt into the US$ 3.7 billion Egyptian Refining Company, and deploying fresh capital from the third tranche of a US$ 150 million facility backed by the United States Overseas Private Investment Corporation. ... [read]
  • Ahmed El Rashidi: Halawa Maker Takes Product to New Worlds
    Financial Times | 19 December 2012 | English
    An in-depth profile of Head of El Rashidi El Mizan (REM) and Managing Director of Citadel Capital platform Gozour, Ahmed El-Rashidi. The article highlights both REM’s history and future expansion plans.... [read]
  • Today’s Stock
    CNBC Arabia | 18 December 2012 | Arabic
    Citadel Capital is profiled on a CNBC Arabia segment, “Today’s Stock,” which features daily a company traded on a MENA stock exchange. The firm is introduced as one of the leading players in the private equity sector in the Middle East, and its various investments and sectors of interest are highlighted briefly. The segment also mentions Citadel Capital’s planned strategic transformation over the coming three years into an investment company. ... [read]
  • Citadel Capital Portfolio Company Divests Offshore Gulf of Suez Asset
    CNBC Arabia | 17 December 2012 | Arabic
    CNBC Arabia’s Business Report announced Citadel Capital’s plans to divest its non-core platform assets and focus on 5 strategic sectors as part of its plan to transform into an investment holding company in 3 years, as per Citadel Capital‘s news release and statements made by Ahmed Heikal, Founder and Chairman of Citadel Capital.... [read]
  • Citadel Capital Appoints Mohamed Shoeib to Head Energy Division
    Al Shorouk Al Gadeed | 17 December 2012 | Arabic
    Leading private equity firm Citadel Capital announced that it has appointed petroleum industry veteran, Mohamed Shoeib, as Managing Director of its Energy Division.... [read]
  • Private Equity: New Reality Enforces Need to Work Harder
    Financial Times | 12 December 2012 | English
    For the Middle East region’s fledging private equity industry, the onset of the Arab uprisings hard on the heels of a global financial crisis has made for a tough few years. In the new reality of an unpredictable political future and more subdued equity capital markets, private equity groups are having to work harder to increase the value of their investments to generate returns. “As we think about the business cycle, it was pretty clear that it will take longer for us to exit our transactions,” says Abdalla Elebiary, Managing Director at Citadel Capital, the leading investment company in Africa and the Middle East. “We need to hold on to our platforms [investments] longer to make sure we sell at the right part of the cycle.”... [read]
  • Private Equity in Egypt
    Privcap | 11 December 2012 | English
    The political turmoil in Egypt does not change the fundamental economic attractiveness of the Egyptian market, argues Karim Sadek, Managing Director of Cairo-based Citadel Capital. In an interview with Privcap, Sadek describes the investment climate in a post-revolution, “new Egypt.” He discusses the opportunities that a massively deregulated energy sector will bring to private equity investors in Egypt, the complexities of doing joint-ventures with the government and what development-finance institutions expect from local investors.... [read]
  • Egypt Importing Gas for First Time as Exports Disappear
    Bloomberg Businessweek | 10 December 2012 | English
    In an in-depth piece by Bloomberg that explores how President Morsi’s administration and foreign gas companies are coping with the fact that Egypt will soon turn from a net-exporter to an importer of natural gas, Citadel Capital is mentioned extensively. ... [read]
  • Citadel Capital Requests Easier Procedures for Egyptian Firms to List on African Bourses
    Mubasher | 4 December 2012 | Arabic
    Hisham El-Khazindar, Co-Founder and Managing Director of Citadel Capital, called for consolidating all African stock exchange markets under a single umbrella to attract more investments. On the sidelines of the 16th annual conference of the African Stock Exchanges Association [sic], hosted by the Egyptian Exchange (EGX), the top official requested the EGX and competent authorities in Egypt facilitate procedures to list Egyptian companies on African bourses.... [read]
  • Egypt’s Morsi Makes His Power Plays
    CNN | 26 November 2012 | English
    CNN reports on investors’ wariness towards Egypt’s President Mohamed Morsi, whose power plays in the past weeks have pushed political discourse back to the forefront in Cairo; consequently delaying the tough process of building solid economic foundations. “Big reforms that need to be enacted have been at a standstill for the last few years,” says Hisham El-Khazindar, co-founder and managing director of Citadel Capital. At the top of Morsi’s to-do list is cutting down the cost of fuel and food subsidies which took the budget deficit to over 10% of GDP in the last fiscal year. “You have a budget deficit that is ballooning, a current account deficit deteriorating and you have investments both local and international at a standstill, you know taking a wait and see approach,” says El-Khazindar. Citadel raised US$ 3.7 billion to fund a refinery operation after the uprising. The private equity group says another US$ 4 billion is sitting on the sidelines waiting to see how Morsi will play his cards this week and beyond.... [read]
  • Egypt’s Citadel Signs Qatar Gas Deal
    Financial Times | 22 November 2012 | English
    Citadel Capital, the Egypt-based regional private equity group, said on Thursday it had signed an agreement with Qatari investors to import natural gas into Egypt. After Egypt witnessed unprecedented shortages in natural gas last summer, analysts now believe energy shortages have become a brake on the development of industry in the country. “There is a severe power shortage now while we are still in winter,” said Ahmed Heikal, Citadel chairman. “Next summer there will be problems if we do not import.” He refused to be drawn on the size of the investment, where the regasification platform would be stationed and whether it would be leased or bought. Heikal did however say that, if given a green light by the government, the venture could be operational by next summer and could supply 500m cubic feet per day, or up 10% of Egypt’s consumption. “Citadel Capital has very strong technical skills in this sector and unrivalled knowledge of the current and planned large consumers of natural gas,” said Heikal.... [read]
  • Government Faces Greater Energy Shortages
    Al Mal | 19 November 2012 | Arabic
    Al Mal provides in-depth coverage of a symposium organized by the Bet Al-Hikma Institute to discuss the economic challenges facing the country and how to best tackle them. In attendance at the symposium was Ahmed Heikal, Chairman and Founder of Citadel Capital, along with Hussein Qazaz, Presidential Advisor for Development, and other leading economic experts. Headlining these issues was the problem of energy shortages. Ahmed Heikal gave a brief history of the energy crisis in Egypt, discussed its causes (placing blame on defunct government energy policies) and outlined possible solutions, and stressed the importance cooperation with investors. ... [read]
  • VIDEO: Citadel Capital Talks Opportunities in Middle East and North Africa
    The Wall Street Journal | 16 November 2012 | English
    Ahmed Heikal, Chairman of Egypt-based private equity firm Citadel Capital, talks to Dow Jones’s Paul Hodkinson why he is optimistic about growth in his part of the world. You can view the video here.... [read]
  • An Interview with Citadel Capital’s Chairman
    Private Equity News | 15 November 2012 | English
    Prospects for investment across the MENA region after the Arab Spring last year are unclear. Ahmed Heikal, Chairman of Egypt-based private equity firm Citadel Capital explains why he is optimistic about growth in his part of the world. Private Equity News’ Paul Hodkinson interviews Egypt private equity firm Citadel Capital’s chairman, Ahmed Heikal, about prospect for investments in North Africa following the Arab Spring. You can read the article here (access requires subscription).... [read]
  • Private Equity Poised for Push into Africa
    Reuters | 14 November 2012 | English
    Private equity houses are swapping low-growth buyout deals in Europe and North America for a slice of booming consumer demand in Africa. They are drawn by a youthful and booming population that could almost double to 2 billion by 2050, some of the fastest growing economies in the world, and an emerging middle class which wants everything from banks and insurance, to places to eat out. “For the next 30 years, East Africa is going to be rocking,” said Ahmed Heikal, Chairman and founder of Citadel Capital.... [read]
  • Risk and Reward
    This is Africa | 12 November 2012 | English
    Ahmed Heikal, Chairman and Founder of Citadel Capital, speaks to This is Africa about risk, reward and opportunity found in the dynamic markets of Egypt and other African countries. Heikal opens the interview by providing insight on Egypt’s most pressing problems; mainly water supplies, growing energy usage and deteriorating education. He calls for reformation of subsidy spending in Egypt and structural adjustments for its economy — a socially difficult, but necessary change. Heikal spends the second half of the interview explaining why Africa is a prime investment destination. You can view the video here.... [read]
  • River Port Projects Overcome Licensing
    Al Mal | 11 November 2012 | Arabic
    Dr. Moustafa Saber, River Transport Expert at the Arab Academy for Science, Technology & Maritime Transport, named Nile Cargo, a Citadel Capital portfolio company, as one of three key players driving Egypt’s river transport sector. Saber notes Nile Cargo’s US$ 80 million worth of investments in river transport and logistics. Companies like Nile Cargo have seen growth after Egypt’s government began to issue more rights to river port use. ... [read]
  • Minya Governorate Receives Request from Citadel Capital to Connect Gas to 1 Million Housing Units
    Al Mal | 5 November 2012 | Arabic
    Citadel Capital presented to Minya Governor Dr. Moustafa Kamel Eissa a project that would connect natural gas to one million housing units in his Governorate. The Governor heard the proposal in a meeting this week with Citadel Capital Founder and Chairman Ahmed Heikal and Citadel Capital Co-Founder and Managing Director Hisham El-Khazindar. Tawazon, a Citadel Capital platform company specializing in regional waste management, also looks to recycle agricultural waste in the area.... [read]
  • Egypt’s Economic Woes
    CNN | 2 November 2012 | English
    In an exclusive interview with CNN Marketplace Middle East, Hisham ElKhazindar, Co-Founder and Managing Director of Citadel Capital, says Egypt’s economy still has a long way to go. El-Khazindar argues this, and provides a detailed list of needed economic reforms and political developments to put Egypt back on track. You can view the video here.... [read]
  • Mohamed Morsi’s First 100 Days
    CNBC Arabia | 1 November 2012 | Arabic
    During a CNBC Arabia program highlighting President Morsi’s first 100 days in office, Citadel Capital Co-Founder and Managing Director Hisham El-Khazindar discusses proposed Government tax reform plans and their likely effect on the Egyptian economy. You can view the video here.... [read]
  • Africa Brimming with Opportunities – Heikal
    The CEO Magazine | 29 October 2012 | English
    Citadel Capital Founder and Chairman Ahmed Heikal has told senior industry leaders at the EMPEA/Financial Times “Private Equity in Africa Leadership Summit” that private equity general partners face a vista of opportunities in North and East Africa. Speaking at a gathering of senior industry leaders in London, Heikal said, “Africa is rocking with opportunities for savvy private equity players.”... [read]
  • Africa Is Next Frontier for Growth, Citadel Says
    Bloomberg TV | 26 October 2012 | English
    Citadel Capital Chairman Ahmed Heikal talks about energy infrastructure in Egypt, state subsidies and investing in East Africa. He speaks with Maryam Nemazee on Bloomberg Television’s The Pulse.... [read]
  • Egypt’s Consumers Hunt Cheap Fuel as Morsi Seeks to End Shortage
    Bloomberg | 24 October 2012 | English
    In an article claiming Egypt can no longer afford its subsidy system, Citadel Capital co-Founder and Managing Director Hisham El-Khazindar is quoted: “If the subsidy situation is not dealt with in a dramatic fashion, the budget deficit will be completely unsustainable.” Bloomberg says El-Khazindar made these comments at a conference in Dubai on Oct. 15. The news source mentions Citadel Capital’s US$ 9.5 billion in investments and it building a refinery in Egypt –– a project that will save the cost of fuel transport and import insurance, says El-Khazindar. “Liberalizing the energy sector is a key issue,” he asserted. ... [read]
  • Egypt’s Citadel Eyes Trade Sales | 16 October 2012 | English
    In an interview with Zawya Dow Jones this week, Citadel Capital Managing Director and Co-Founder Hisham El-Khazindar confirmed the company is looking to divest some of its portfolio assets, as the it focuses on investments in core themes such as downstream energy and infrastructure to drive growth. El-Khazindar added that there are currently a number of non-core businesses which Citadel Capital owns and which it is looking to gradually divest during “the short to medium term.”... [read]
  • PEI 300: Citadel Capital Retains Top Position in Africa
    The Daily News Egypt | 15 October 2012 | English
    This article discusses Citadel Capital’s performance in the “PEI 300,” Private Equity International’s sixth annual ranking of the largest 300 private equity firms worldwide, ranked according to the amount of direct investment capital that each firm has raised. Citadel Capital was the largest African private equity firm in the list, a position it has maintained since PEI began compiling the list in 2007.... [read]
  • Citadel: Efficient Energy Sector is Possible for Egypt
    The East African | 13-19 October 2012 | English
    Ahmed Heikal, Chairman and Founder of Citadel Capital, believes there is an opportunity for Egypt to improve efficiency in its energy sector by enacting energy policy reforms, and that Egyptians are currently consume an unsustainable amount of energy. “We have, in essence, mis-priced our resources through the continued extension of a system of energy subsidies that today accounts for nearly a quarter of all government spending.” Mr. Heikal said.... [read]
  • Rebuilding Business: OBG Talks to Hisham El Khazindar, Managing Director & Co-Founder, Citadel Capital
    Oxford Business Group | 11 October 2012 | English
    In an interview with Oxford Business Group, Hisham El-Khazindar gives his outlook on a post-election Egypt, saying “the Egyptian Revolution has presented us with what is literally a once-in-a-lifetime opportunity to chart a new path for our nation — one that could ultimately result in a more stable, faster-growing nation in which economic opportunities will be both broad and underpinned by greater accountability, transparency and accelerated reforms.” El-Khazindar says capital inflows will not come at once –– first a reinvigorated, democratically elected government must address precarious political and economic issues before Egypt can witness strong growth. (An online excerpt of a larger publication by the “Oxford Business Group.”)... [read]
  • Egypt Hosts Largest Econ Summit Since Revolution
    Youm7 | 10 October 2012 | Arabic
    Youm7 provides a summary of Ahmed Heikal’s speech from yesterday’s Euromoney Conference, highlighting Mr. Heikal’s calls to reform the former government’s outdated energy subsidy regime, as well as a more aggressive government to battle subsidized fuel smuggling, and warnings of a budget deficit ballooning out of control. Heikal argued that in order to free up Egypt’s debt, the government must aggressively address these issues. Article also features news that President Morsi will launch a community dialogue to field public opinion on the effectiveness of Morsi’s 100-day plan.... [read]
  • Citadel Eyes US$ 4 Bln Investment in Egypt Over Three Years
    Reuters | 9 October 2012 | English
    Egyptian private equity firm Citadel Capital plans to invest US$ 4 billion or more in Egypt over the next three years and has an eye on infrastructure and energy-related projects, its chairman said on Tuesday. Citadel, which focuses on the Middle East and Africa, has already invested US$ 4 billion in Egypt since January 2011, when an uprising erupted that toppled President Hosni Mubarak, the company’s chairman and founder, Ahmed Heikal, said. “I met a number of government officials and we think we are ready to invest a significant amount of money, probably higher than the US$ 4 billion over the next three years,” he told a business conference in Cairo, organized by Euromoney... [read]
  • ERC Financing Unprecedented in Africa, Says Heikal
    Al Arab-Qatar | 7 October 2012 | Arabic
    Citadel Capital Founder and Chairman Ahmed Heikal was quoted in Al Arab regarding the Egyptian Refining Company (ERC), which he says required the largest financing Africa has ever seen. Article features in information regarding ERC’s financing, as well as Qatar Petroleum International’s stake in the project.... [read]
  • Expert: Political Trials Hurt Egypt’s Economy | 2 October 2012 | Arabic
    An Arabic dubbing of Ahmed Heikal’s interview with CCN Marketplace Middle East, which was first posted on the CNN website 11 September 2012. Video was posted on the 29 October, however, the website changed the date to 2 October. You can view the video here.... [read]
  • Powering Through
    Africa Investor | 30 September 2012 | English
    In a three page spread in Africa Investor, Citadel Capital Chairman and Co-Founder Ahmed Heikal tells the magazine how his Firm maintained its ranking as one of Africa’s most successful private equity firms during a chaotic period for North Africa. The interview includes coverage of the Firm’s investment strategy, its risk management plan, and the successful financial close of the Egyptian Refining Company.... [read]
  • Defining an African Financial Solution
    Africa Investor | 30 September 2012 | English
    Perhaps African governments should be looking to the private sector for financing, both domestically and internationally. An excellent example of a private sector financing success story is Citadel Capital’s East Africa railway investment, which was recently recognized by the Ai CEO Infrastructure Investment Summit and Awards held in Johannesbug. The Rift Valley Railway investment was identified as a uniquely successful example of a private sector investment in a public-private partnership (PPP) that will facilitate trade within the region. The article goes onto to quote Citadel Capital Managing Director Amr El Barbary.... [read]
  • Ahmed Heikal: Current Subsidies System “Corrupt,” Must be Cash-Based
    Al Masry Al Youm | 19 September 2012 | Arabic
    In an interview with Al Masry Al Youm, Citadel Capital Chairman and Founder Ahmed Heikal discussed the current economic problems facing Egypt and proposed methods to overcome them.... [read]
  • Heikal: Soaring Domestic Debt Hinders Economic Growth
    Amwal Al Ghad | 18 September 2012 | English
    Amwal Al Ghad provides coverage of Ahmed Heikal’s speech at the eighth annual conference of the Egyptian National Competitiveness Council (ENCC), where he spoke on the danger of Egypt’s growing domestic debt. Mr. Heikal addressed the conference with this and other economic problems facing the country.... [read]
  • Ahmed Heikal Interview on CBC
    CBC | 17 September 2012 | Arabic
    Ahmed Heikal speaks to Egyptian television anchor Lamees El Hadidi on CBC’s Hona Al Asema. ... [read]
  • The Cost of the Egyptian Revolution
    CNN | 10 September 2012 | English
    In an interview recorded in May, Citadel Capital Chairman and Co-Founder Ahmed Heikal spoke with CNN on the financial damage Egypt incurred during its political uprisings. Mr. Heikal was optimistic of Egypt’s recovery, but insisted on the country needing time and the right government. Heikal also discussed the impact of the Eurozone crisis on investment in Africa. ... [read]
  • Upgrade Plan for Kenya-Uganda Railway
    The East African | 8 September 2012 | English
    The East African profiles Citadel Capital’s Kenya–Uganda rail operator Rift Valley Railways (RVR), which has embarked on a major renovation of its locomotive overhaul facility in Kampala as part of a five-year turnaround effort at a cost of US$ 284 million. The article also quotes Group Chief Executive Brown Ondego. ... [read]
  • Egypt Urged to Renew Sudanese Trade Ties
    Financial Times | 3 September 2012 | English
    Citadel Capital Co-Founder and Managing Director Hisham El-Khazindar discusses trade relations between Egypt and South Sudan with the Financial Times.... [read]
  • Africa: Private Equity Versus Venture Capital, and Exit Strategies
    The Africa Report | 31 August 2012 | English
    In an article highlighting private equity’s role played in African enterprise, The Africa Report says the biggest private equity placement in East Africa last year was a US$ 287 million deal by Egypt’s Citadel Capital to invest in Rift Valley Railways, which operates the railroad from Kenya’s Mombasa seaport to Uganda.... [read]
  • Private Equity Firms Stimulate Earnings and Deals in Post-Revolution Egypt
    The New York Times | 23 August 2012 | English
    Ahmed Heikal, Chairman and Co-Founder Citadel Capital, speaks with The New York Times about the current state of the private equity industry in Egypt.... [read]
  • Cityscape’s Best Sustainable Development Award Goes to Designopolis | 22 August 2012 | Arabic
    Citadel Capital’s platform in the real estate sector, Bonyan for Development and Trade, receives the “Best Sustainable Development Award” at the Cityscape Egypt Awards, Cairo. ... [read]
  • RVR Set to Improve Regional Railway Services
    New Vision | 21 August 2012 | English
    The managers of Citadel Capital portfolio company Rift Valley Railways have marshaled US$ 284 million (about KES 710 billion) to finance their five-year business plan, the group’s chief executive officer, Brown Ondego said. “We are in the happy position that investment is coming in,” Odengo said. Between now and the end of the year, the focus will be on reducing accidents and derailments, increasing the speed of the railways and restoring the 1,100km line to its previous level.... [read]
  • Africa’s 5 Largest Private Equity Deals – Ernst & Young
    CP – Africa | 8 August 2012 | English
    Citadel Capital’s Rift Valley Railways deal is mentioned among Ernst & Young profiles of five of Africa’s largest 2011 private equity deals in its Private Equity Roundup – Africa report. ... [read]
  • Repair of Railway Line Well Underway
    NTV | 6 August 2012 | English
    Citadel Capital’s Rift Valley Railways embarks on a program to upgrade the railway line from Mombasa to Nairobi, allowing goods to be transported by train up to 8 hours faster, reports NTV in a broadcast.... [read]
  • NRPMC Puts EGP 100 Million in Ports
    Al Mal | 5 August 2012 | Arabic
    The National River Port Management Company (NRPMC) announced plans to commit EGP 100 million to a number of its operations next year, including construction at its Nubaria port, strengthening infrastructure at its Aswan port and building new barges. ... [read]
  • RVR Finally Begins Ambitious Railway Upgrading Plan
    The Standard | 19 July 2012 | English
    Citadel’s Capital Kenya-Uganda railway concessionaire Rift Valley Railways (RVR) has finally embarked on an ambitious effort to bring new life to the regional rail transport and ease pressure on roads after spending six years sourcing for funding. It has secured its first batch of rail equipment worth KES 1.6 billion (US$ 19 million) to undertake redevelopment of the worn-out sections of Nairobi-Mombasa railway line in order to allow for bigger capacity trains and increased line-speeds.... [read]
  • NRTC to Receive 10 River Barges Assembled by Alexandria Shipyard
    Al Mal | 17 July 2012 | Arabic
    The National River Transport Company (NRTC), currently known as Nile Cargo, has received the first of ten barges from Alexandria Shipyard, as part of an EGP 68 million Nile Cargo is owned by private equity firm Citadel Capital.... [read]
  • IJ Interview: Hisham El-Khazindar, Citadel Capital
    Infrastructure Journal | 10 July 2012 | English
    In an in-depth interview with a leading infrastructure investment journal, Hisham El-Khazindar gives his take on how the recent US$ 3.7 billion financial close on his private equity firm’s Egyptian Refining Company is incredibly important for the recovery of Egypt’s economy. El-Khazindar tells IJ: “ERC is one of the largest private sector investment projects in Egypt and possibly in the whole of Africa. The fact is that, despite the challenging environment at a time of transition, when a project makes sense it will ultimately get support from investors, financial institutions and the necessary regulatory approval from government authorities.” Citadel Capital’s co-founder also told the journal how ERC reflects a fundamentally important substitution project, which provides a new dynamic for the region’s economy. ... [read]
  • Refinery Reaches Financial Close
    MEED | 5 July 2012 | English
    Citadel Capital’s Greenfield refinery project at Mostorod (10 kilometers from Cairo) reaches financial close. The US$ 3.7 billion deal to build the facility is Africa’s largest ever project financing and one of the largest inward investments into Egypt.... [read]
  • The Path Forward
    Al Ahram Al Iktessady | 5 July 2012 | Arabic
    An article in Al Ahram Al Iktessady praising the Citadel Capital Scholarship Foundation for its commitment to sending Egypt’s brightest college graduates abroad for continued study at the world’s premiere institutions. The article also praises the Foundation for bringing the students back to Egypt at the end of their study, thereby enriching the country’s intellectual wealth. ... [read]
  • Growing Africa’s Land
    This is Africa | 2 July 2012 | English
    As Africa’s arable lands continue to attract public and private companies interested in agribusiness, Citadel Capital’s Stephen Murphy talks to This is Africa about how investors are encouraging critics to look at the broader challenges of land investment in Africa, rather than focusing simply on the lease prices.... [read]
  • Egypt’s New President
    BBC World News | 29 June 2012 | English
    Ahmed Heikal is a guest on BBC World’s News television program, where he recommends the areas of Egypt’s economy that need the most attention from newly-elected President Mohamed Morsi. Heikal defines Morsi as “pro-business, pro-trade and pro-investment,” stating that these three characteristics are essential for a leader who wants to move Egypt’s economy forward. Heikal also said if Morsi wants to fix the budget deficit, he must first ‘tackle’ the current energy subsidy, which Heikal says drained US$ 20 billion dollars from coffers last year. Reforms and repairs for the tourism industry, the energy sector and FDI’s are also mentioned as being top priority for Morsi. ... [read]
  • The Changing Political Landscape in Egypt
    CNBC | 28 June 2012 | English
    Marwan Elaraby, managing director at Citadel Capital, talks to CNBC about Egypt’s changing political environment.... [read]
  • Africa’s Strong Economic Fundamentals Create Compelling Opportunities for Private Investment Companies – El-Khazindar
    Mubasher | 26 June 2012 | Arabic
    Speaking before a gathering of global PE leaders in Geneva, Switzerland, Capital Co-Founder Hisham El Khazindar said that enduring macro fundamentals including a diverse natural resource wealth, 60% of the world’s uncultivated arable land and what will become by 2040 the world’s largest workforce together make Africa home to outstanding potential long-term investments as the continent becomes an engine of global growth. ... [read]
  • Citadel Capital Scholarship Foundation 2012 Ceremony
    Tahrir Channel | 26 June, 2012 | Arabic
    Citadel Capital Co-Founders Hisham El-Khazindar and Ahmed Heikal appear on “The People Demand” on Egypt’s Tahrir TV Channel during the Citadel Capital Scholarship Foundation 2012 ceremony. Both discussed how the scholarship opens doors for Egypt’s most dedicated students to study abroad at premiere Western institutions, as well as bringing to viewers’ attention that the main purpose of the scholarship is not to export Egypt’s most dedicated students to the West, but allow them to carry what they learn abroad back to Egypt.... [read]
  • US$ 3.7 Billion is ERC’s Developed Refinery’s Costs
    Al Iqtesadiya | 24 June 2012 | Arabic
    An article which covers Citadel Capital achieving financial close on Egyptian Refining Company (ERC), a US$ 3.7 billion package to construct a greenfield petroleum refining upgrade project in the Greater Cairo Area. The ERC project is a public-private partnership with the private sector investing alongside the government to address a critical national requirement for infrastructure.... [read]
  • US$ 3.7 Billion to Finance Egypt Refinery
    Zawya, Reports | 16 June 2012 | Arabic
    Investors in an Egyptian petroleum refinery project, led by Citadel Capital and Qatar Petroleum International, have secured US$ 3.7 billion in financing for the facility, the company said on Thursday.... [read]
  • Egypt Secures $3.7bn For Refinery Project
    Ventures Africa | 15 June 2012 | English
    A consortium, led by Citadel Capital and Qatar Petroleum, have secured $3.7 billion finance facility for an Egyptian petroleum refinery project in partnership with the Egyptian government, the project operator said on Thursday. According to a statement by Egypt Refining Company (ERC), the finance, put together by private equity firm Citadel, includes a $1.1 billion equity investment and is backed by a $2.6 billion debt package.... [read]
  • CORRECTED-UPDATE 1-Egypt Gets US$ 3.7 bn in Financing for Refinery Project
    Reuters | 15 June 2012 | English
    Investors in an Egyptian petroleum refinery project, led by Citadel Capital and Qatar Petroleum, have secured $3.7 billion in financing for the facility, the project operator said on Thursday. The financing, put together by private equity firm Citadel, includes a $1.1 billion equity investment and is backed by a $2.6 billion debt package, Egypt Refining Company (ERC) said in a statement. Project partners include the Egyptian government.... [read]
  • Egypt: Refinery Deal Amid the Turmoil
    Financial Times | 15 June 2012 | English
    Egypt is in political turmoil, but it seems it is still possible to do a big deal. Citadel Capital has announced the completion of a US$ 3.7 billion agreement to build a refinery near Cairo that will help the country reduce its dependency on oil imports – a crucial issue for Egypt given its low level of foreign exchange reserves.... [read]
  • Egypt Refinery Investors Get US$ 3.7 Billion Financing
    Al Ahram Online, News and Reports | 14 June 2012 | Arabic
    Investors in an Egyptian petroleum refinery project, led by Citadel Capital and Qatar Petroleum International, have secured US$ 3.7 billion in financing for the facility, the company said on Thursday.... [read]
  • Egyptian Refinery Investors Secure US$ 3.7 Billion Financing
    Reuters Arabia, Economy News | 14 June 2012 | Arabic
    Investors in an Egyptian petroleum refinery project, led by Citadel Capital and Qatar Petroleum International, have secured US$ 3.7 billioInvestors in an Egyptian petroleum refinery project, led by Citadel Capital and Qatar Petroleum International, have secured US$ 3.7 billion in financing for the facility, the company said on Thursday.n in financing for the facility, the company said on Thursday.... [read]
  • Citadel Capital Closes $3.7 Billion Financing for Refinery
    Businessweek | 14 June 2012 | English
    Citadel Capital SAE said it closed financing for a $3.7 billion petroleum refinery near Cairo, a project it said will cut the country’s diesel imports by half. The financing package for Egyptian Refining Co. includes $2.6 billion of debt, already finalized in August 2010, and $1.1 billion of equity from investors led by Qatar Petroleum International with $363 million, or a 27.9 percent holding, and Egyptian General Petroleum Corp. with $270 million, or a 23.8 percent stake, the Cairo-based firm said in an e-mailed statement today. ... [read]
  • Citadel Capital Closes $3.7 Billion Financing for Refinery
    Bloomberg | 14 June 2012 | English
    Citadel Capital said it closed financing for a $3.7 billion petroleum refinery near Cairo, a project it said will cut the country’s diesel imports by half. The financing package for Egyptian Refining Co. includes $2.6 billion of debt, already finalized in August 2010, and $1.1 billion of equity from investors led by Qatar Petroleum International with $363 million, or a 27.9 percent holding, and Egyptian General Petroleum Corp. with $270 million, or a 23.8 percent stake, the Cairo-based firm said in an e-mailed statement today.... [read]
  • Ahmed Heikal: I Have Never Met Rami Makhlouf in My Life | 20 April, 2012 | Arabic
    Citadel Capital Chairman and Founder Ahmed Heikal confirms he has never met, and has no ties whatsoever with, Rami Makhlouf, cousin of Syrian President Bashar Al-Assad. He also clarified that Citadel Capital currently has no investments in Syria apart from a cement plant license worth no more than USD 3 million.... [read]
  • The Next 30 Years Belong to Africa
    African Banker | Second Quarter 2012 | English
    A four page feature interview with Citadel Capital Chairman and Founder Ahmed Heikal.... [read]
  • Citadel Capital: EGP 170 Million of Investments for Gozour, Wafra Expansions
    Al Mal | 25 March, 2012 | Arabic
    An extensive full-page interview with Citadel Capital Co-Founder and Managing Director Hisham El-Khazindar discussing current plans and expansions of the Firm and its platform companies.... [read]
  • Why Egypt Must Review Subsidy Plan
    Business Daily | 23 March, 2012 | English
    The sweeping Islamist victory in Egypt’s first democratic elections is alarming, but not for the reasons many would have you believe, writes Citadel Capital Chairman and Founder Ahmed Heikal.... [read]
  • Citadel Capital’s Investments Total US$ 9 Billion
    Al Alam Al Youm | 22 March, 2012 | Arabic
    An article discussing the appearance of Citadel Capital Co-Founder and Managing Director Hisham El Khazindar and Managing Director Amr El-Barbary at a conference hosted by Private Equity World Africa in London.... [read]
  • Hisham El-Khazindar on CNN
    CNN | 22 March 2012 | English
    Citadel Capital’s Co-Founder and Managing Director Hisham El-Khazindar appears on CNN to discuss the firm’s investments in South Sudan.... [read]
  • Egypt’s Citadel to Grow Staple Crops in South Sudan
    Ahram Online | 21 March, 2012 | English
    A unit of Egyptian private equity firm Citadel Capital plans to cultivate up to 40,000 acres of farmland in South Sudan to sell staple foods such as maize in the newly-independent nation.... [read]
  • Agriculture Investments and Infrastructure Projects Top Priorities for Citadel Capital in South Sudan | 21 March, 2012 | Arabic
    An article mentioning Citadel Capital’s appearance at the Republic of South Sudan Investment Summit organized by CWI Summits in partnership with the Ministry of Commerce, Industry and Investment of South Sudan. The article quotes extensively from Citadel Capital Managing Director Marwan Elaraby’s keynote address.... [read]
  • Citadel Signs Revised Agreement with Sea Dragon for Sale of NPC | 21 March, 2012 | Arabic
    Citadel Capital portfolio company Golden Crescent Investments sells 100% of its shares in National Petroleum Company to Canada-based Sea Dragon.... [read]
  • Concord Doing Good for Sudan
    The Star | 21 March, 2012 | English
    Citadel Capital Managing Director Karim Sadek writes about the challenge of achieving long-term food security in Africa, which can be met, he says, through responsible investment in sustainable agricultural businesses and related infrastructure, rather than relying wholly on the efforts of international advocacy groups.... [read]
  • Hisham El-Khazindar on ABN
    ABN Digital | 20 March, 2012 | English
    Africa has exceeded world average growth for the past eight years and is now the fastest growing region in the world, yet the region remains overlooked in terms of investment opportunities. Citadel Capital Co-Founder and Managing Director Hisham El-Khazindar speaks to ABN about private equity investing in Africa.... [read]
  • Citadel Capital to Enter Insurance Sector, Establishes EGP 2 Million Insurance Brokerage Firm
    AMEinfo | 19 March, 2012 | English
    Citadel Capital, the leading private equity firm in the Middle East and Africa, announced today that it has commenced procedures to establish a direct insurance brokerage firm with issued capital of EGP 2 million, 50% paid up as per the requirements of establishing brokerage companies.... [read]
  • Kenya Leads East Africa in Private Equity Funding
    Business Daily | 6 March, 2012 | English
    A survey carried out by consultancy Deloitte finds that Citadel Capital portfolio company Rift Valley Railways (RVR) attracted the largest amount of capital deployed in East Africa in 2011.... [read]
  • Marwan Elaraby on CNBC Asia
    CNBC Asia | 29 February, 2012 | English
    Citadel Capital Managing Director Marwan Elaraby speaks to CNBC Asia about investment opportunities in Egypt and the Arab world in the aftermath of the Arab Spring.... [read]
  • Private Equity in Africa: Perception vs. Reality
    The East African | 25 February, 2012 | English
    One of the most understated global stories today is the vast investment opportunities that Africa presents, writes Stephen Murphy, Managing Director of Citadel Capital Institutional Fundraising.... [read]
  • Muslim Brotherhood Looks West in Bid to Revive Egyptian Economy
    Wall Street Journal | 17 February, 2012 | English
    Citadel Capital Chairman and Founder Ahmed Heikal and Managing Director Karim Sadek are both quoted in this article discussing the Muslim Brotherhood’s recent efforts to attract foreign direct investment in Egypt.... [read]
  • Mixed Outlook for Private Equity in 2012
    The East African | 11 February, 2012 | English
    An article quoting extensively from Citadel Capital Chairman and Founder Ahmed Heikal’s comments at the World Economic Forum, as he seeks to dispel some of the pessimism surrounding the global private equity industry in 2012.... [read]
  • Ahmed Heikal: The Coming Three Months Determine Type of Citadel Capital Investments in Egypt
    Al Borsa | 7 February, 2012 | Arabic
    An article quoting Citadel Capital Chairman and Founder Ahmed Heikal’s comments regarding the firm’s forthcoming investments in Egypt.... [read]
  • Crises Offer Unique Opportunities to Lay Foundation for Sustainable Global Growth, says Ahmed Heikal
    Al Qabas | 30 January, 2012 | Arabic
    While attending the World Economic Forum, Ahmed Heikal, Chairman and Founder of Citadel Capital, encourages investors to maximize their chances of locking in attractive long-term returns by investing in businesses that provide solutions to some of the greatest challenges of our age.... [read]
  • Citadel Capital Raises US$ 300 Million in Equity
    Vision News | 29 January, 2012 | Arabic
    Speaking at the World Economic Forum, Citadel Capital Chairman and Founder Ahmed Heikal confirms that during 2011 the firm successfully raised well over US$ 300 million in equity and debt for its 19 platform companies, and added a further US$ 325 million in fresh cash to its balance sheet.... [read]
  • Ahmed Heikal: Budget Deficit in Egypt Is Reaching Dangerous Level
    Al Arabiya | 25 January, 2012 | Arabic
    Speaking in an interview with Al Arabiya TV, Citadel Capital Chairman and Founder Ahmed Heikal warned that Egypt’s budget deficit had reached alarming levels. He also spoke about keeping the country’s security as a top priority, in order to regain and boost foreign investors’ confidence in the economy.... [read]
  • Reviving the Hopes of the Egyptian Citizen
    Al Shorouk Al Gadeed | 25 January, 2012 | Arabic
    The sweeping Islamist victory in Egypt’s first democratic elections is alarming, but not for the reasons many would have you believe, writes Citadel Capital Chairman and Founder Ahmed Heikal.... [read]
  • Dispelling the African Private Equity Myth
    Private Equity International | 17 January, 2012 | English
    Political risk was on stark display in Africa this year, potentially overshadowing investment opportunities in countries in need of investment capital, writes Citadel Capital Co-Founder and Managing Director Hisham El-Khazindar.... [read]
  • The 100 Most Influential PE Players of the Decade
    Private Equity International | 2 January, 2012 | English
    Listing the 100 most influential players in the PE industry for the decade, Citadel Capital Chairman and Founder Ahmed Heikal places 75th. He is described as an “Energetic Egyptian and creator of one of the most interesting private equity portfolios you’ll ever see.”... [read]
  • Arabs To Davos: Invest In Us, Don’t Fear Us
    Reuters | January 27, 2012 | English
    Leaders of the Arab Spring sought to assure the world’s elite in Davos that the rise of political Islam is not a threat to democracy, and pleaded for help creating jobs and satisfying the hunger of their people for a better life. “Economic conditions are tough, and they’re going to be tougher,” said Ahmed Heikal, [...]... [read]
  • Impact of the Arab Spring On the Egyptian Economy
    CNBC | January 26, 2012 | English
    Dr. Ahmed Heikal, chairman, Citadel Capital, told CNBC, “it is clear that we have another five months to go in Egypt’s political process, we have achieved the first step which is to have a democratically elected parliament, but we still have a constitution to write and then after that there is a presidential election.”... [read]
  • Opportunities for Investment in Egypt
    Wall Street Journal | January 25, 2012 | English
    Ahmed Heikal, chairman of Citadel Capital, an Egyptian-based private equity fund, talks to Tracy Corrigan, WSJ Europe Editor-in-Chief, about the political disruptions of the Arab Spring on Egypt. Opportunities for Investment in Egypt... [read]
  • Insight: As Africa’s Consumers Rise, So Does Inequality
    Reuters | January 24, 2012 | English
    In a cafe on the terrace of a Nairobi mall, well-heeled Kenyans sip coffee as shoppers in the car park navigate between BMW X5s, Toyota Land Cruisers and Mercedes. A nearby cinema last month advertised an array of Hollywood fare including Brad Pitt’s “Moneyball.” In Kenya, firms have been hiring and property prices have risen [...]... [read]
  • Business Can Rekindle Egypt’s Revolution
    Financial Times | January 22, 2012 | English
    The sweeping Islamist victory in Egypt’s first democratic elections is alarming, but not for the reasons many would have you believe. It is true their credentials as democrats are untested and their ability to manage an economy is unproved. But a strong showing by the Muslim Brotherhood’s Freedom and Justice party was no surprise, and [...]... [read]
  • Interview with Hisham El Khazindar
    Al Watan Al Araby | December 21, 2011 | Arabic
    In an interview, Citadel Capital’s Co-Founder and Managing Director Hisham El Khazindar talked about Egypt’s revolution, economy and current challenges, while calling on the government to restructure the energy subsidies. El Khazindar remains optimistic for the future of the economy and Egypt in general. El Khazindar also talked about the Firm’s performance and issues, and [...]... [read]
  • Infrastructure: In Urgent Need Of Serious Investment
    Financial Times | November 29, 2011 | English
    Kenya has the largest port in east Africa, moving 19.1 million tons of cargo a year. But onward transport connections from Mombasa to the hinterland are so poor that Nduva Muli, managing director of Kenya Railways, says the country loses some of its associated advantage. The article mentions Citadel Capital and quotes Karim Sadek.... [read]
  • Citadel Capital Receives US$ 150 Million Boost From US Agency
    Financial News | November 15, 2011 | English
    The Egyptian private equity firm – which had investigated a sale of the business following the country’s revolution – has been given a helping hand by a US government agency seeking ‘to support the economic and political transformation of the Arab Spring’. Citadel Capital, the Egyptian private equity firm whose future became uncertain after the [...]... [read]
  • Weathering Africa’s Storms
    The Wall Street Journal | November 7, 2011 | English
    In the Wall Street Journal’s “Monday Interview” William Lyons publishes a detailed positive interview with Ahmed Heikal about the challenges of 2011 and the promising outlook for African investments in the year ahead. The interview mentions Citadel Capital’s successful rights issue and the firm’s ability to raise equity and debt under difficult circumstances. It also discusses the potential of Africa as an investment proposition emphasizing its abundance of natural resources, favorable demographics and untapped growth. Heikal also discusses the Egyptian revolution and its aftermath. He says that he is confident that in the long-term Egypt will become a full democracy.... [read]
  • A Spring In Their Step
    Private Equity International | October 27, 2011 | English
    Citadel Capital has experienced turmoil this year, and while this week’s second quarter results showed a net loss of US$ 4.2 million, a rights issue has helped bring the group back onto an even keel. Citadel Capital’s team has had first-hand experience of the Arab Spring from its headquarters in Cairo. Asked what it was [...]... [read]
  • Citadel Capital to Complete Railway Turnaround Program in 2013
    Al Alam Al Youm | October 21, 2011 | Arabic
    The co-founder of Africa’s leading private equity firm Hisham El-Khazindar tells industry veterans how the firm raised US$ 234 million for the national railway of Kenya and Uganda despite challenging global financial conditions — a development that should lower transport costs and promote trade in the East African Community. The planks of the program include [...]... [read]
  • Egypt: A US$ 3.7 Billion Gleam In The Dark
    Financial Times | October 20, 2011 | English
    Ahmed Heikal, one of Egypt’s best-known financiers, is pressing ahead with a US$ 3.7 billion refinery investment despite the political uncertainty surrounding the country. But he started five years ago and has already invested considerable time, effort and money into the government-backed project. “It would be more difficult to start now,” he said, in a [...]... [read]
  • Citadel Capital Plots ‘Defensive’ Future
    Financial News | Octobrt 20, 2011 | English
    The chief executive of Egyptian private equity firm Citadel Capital has outlined a “defensive” three-point plan of action aimed at keeping the firm afloat in spite of the current political instability in the Middle East. In an interview with Financial News, Dr. Ahmed Heikal, the chief executive of Citadel, said that the firm was now [...]... [read]
  • Heikal Says Citadel to Increase Debt by US$ 150 Million
    Bloomberg | October 19, 2011 | English
    Ahmed Heikal, chairman of Citadel Capital SAE, talks with Francine Lacqua on Bloomberg Television’s “Last Word” about the private equity firm’s share sale and the outlook for Egypt’s economy.... [read]
  • Cargo Trains To Connect To Kenya In June 2012
    The Observer | October 3, 2011 | English
    Rift Valley Railways (RVR), the concessionaire for the railway system recently received a US$ 246 million loan to revamp its services. Moses Talemwa interviewed Karim Sadek, managing director of Citadel Capital, which owns 51% of RVR and Brown Odengo Chief Executive Officer RVR about the future of rail services in Uganda.... [read]
  • Citadel Capital Managing Director Stephen Murphy: Infrastructure Investments Are a Key Driver for Growth in Africa
    Al Borsa | September 25, 2011 | Arabic
    In remarks made while anchoring a panel titled “Infrastructure: A key deal driver for Africa?”, Citadel Capital Managing Director Stephen Murphy used the example of Citadel Capital’s investment in Rift Valley Railways, which has a 25-year concession to operate 2,352 km of track linking the Indian Ocean port of Mombasa to the interiors of Kenya [...]... [read]
  • Citadel Capital To Build Oil Refinery In Iraq
    Reuters | September 25, 2011 | English
    Private equity firm Citadel Capital won a contract from Iraq’s government to build an oil refinery in the country with capacity of 150,000 tonnes per day, the company said on Thursday. Citadel “signed with the Iraqi oil ministry a deal to build an advanced petroleum refinery in Iraq with production capacity of 150,000 barrels per [...]... [read]
  • New Investments for Citadel Capital in Africa Worth US$ 234 Million
    Zawya | September 22, 2011 | English
    In remarks anchoring a panel titled “Infrastructure: A key deal driver for Africa?”, Citadel Capital Managing Director Stephen Murphy used the example of Citadel Capital’s investment in Rift Valley Railways, which has a 25-year concession to operate 2,352 km of track linking the Indian Ocean port of Mombasa to the interiors of Kenya and Uganda, [...]... [read]
  • Leading Global Investors Subscribe to US$ 70 Million Capital Increase for Citadel Capital’s Africa Rail Platform
    Arab Finance | September 11, 2011 | Arabic
    Citadel Capital announced today that it has completed a US$ 70 million capital increase for Platform Company Africa Railways Ltd. This brings to more than US$ 319.3 million the total equity and debt raised by Citadel Capital and its platform companies since the beginning of the year. Four development finance institutions and a leading regionally [...]... [read]
  • Citadel Secures Capital Boost For Africa Railways
    Reuters | September 11, 2011 | English
    Egyptian private equity firm Citadel Capital said on Sunday it had completed a US$ 70 million capital increase for its Africa Railways investment vehicle. Citadel, with US$ 8.7 billion investments under its control, said the increase brought Africa Railways’ total paid-in capital to US$ 110 million. Africa Railways, Citadel’s platform for investing in the African [...]... [read]
  • Citadel Capital To Invest US$ 234 Million In African Rail Venture
    Mubasher | September 22, 2011 | English
    Egyptian private equity firm Citadel Capital said Thursday it has signed a US$ 234 million deal to fund a five-year project to improve transport links between Kenya and Uganda. Citadel Capital managing director Stephen Murphy said the firm had invested in Rift Valley Railways (RVR), which has a 25-year concession to operate 2,352 km of [...]... [read]
  • Ahmed Heikal: Egypt’s Economy Will Go Through Difficult Times | 7 August 2011 | Arabic
    In a CNN Marketplace Middle East interview, Citadel Capital Chairman Ahmed Heikal talks about what the future holds in store for the country’s finances, and says that its economy will go throw difficult times in the coming period of time and will see a drop in foreign investments, which will make growth rates drop in the coming 12 months... [read]
  • Citadel Capital Shareholders Approve Capital Increase
    Arab Finance | 4 August 2011 | Arabic
    Shareholders of Citadel Capital, the leading private equity firm in the Middle East and Africa, approved an EGP 1.05 billion rights issue at par at an Extraordinary General Meeting held today in Cairo. Shareholders voted to raise the firm’s capital to EGP 4,358,125,000 from EGP 3,308,125,000 by issuing 210,000,000 new shares at a par value of EGP 5 per share. Newly issued shares include 157,500,000 common shares and 52,500,000 preferred shares. Shareholders will be invited to subscribe to the newly offered shares on a pro-rata basis... [read]
  • Citadel Capital of Egypt Says It Plans to Boost Investment in East Africa
    Bloomberg | 1 August 2011 | English
    Citadel Capital SAE, an Egyptian private-equity company with US$ 8.7 billion in assets under management, said it will boost spending in eastern Africa after a “gratifying experience” investing in Kenya and Uganda. The company, based in Cairo, will invest in commercial agriculture, energy, low-income housing and food processing, Chairman Ahmed Heikal said yesterday in an interview in the Kenyan capital, Nairobi... [read]
  • Citadel Capital Plans Investments of US$ 24 Million in Sudan | 17 July 2011 | Arabic
    Citadel Capital plans to invest US$ 24 million in Sudan through its platform company Wafra. “Importantly, we are also very pleased with the performance of many of our key non-Egyptian investments. Rift Valley Railways, the national rail operator of Kenya and Uganda, has reported substantial operational improvements, from new tariffs and passenger lines to substantial reductions in turnaround times and rising freight volumes. In Sudan, Wafra has finished its first commercial wheat harvest and taken the crop to market at prices significantly above our forecast. In at least one case, a non-Egyptian investment has bolstered the performance of an Egyptian platform, as is the case with TAQA Arabia, which posted a substantial year-on-year rise in EBITDA despite conditions in Egypt thanks to its Sudanese Portfolio Company Berber for Electrical Power,” Citadel Capital’s Chairman and Founder Ahmed Heikal noted in a comment on the Firm’s performance during 1Q2011... [read]
  • Citadel Capital to Call for EGM to Approve US$ 175 Million Rights Issue
    AMEinfo | 14 July 2011 | English
    The Extraordinary General Assembly of the leading private equity firm in the Middle East and Africa will meet to approve a US$ 175 million rights issue to support current platform and portfolio companies as well as future investments. Citadel Capital (CCAP.CA on the Egyptian Exchange), the leading private equity firm in the Middle East and Africa, announced that its Extraordinary General Meeting will shortly convene to approve a rights issue of up to $175m (EGP1.05bn) to further strengthen Citadel Capital’s balance sheet in a challenging and volatile environment... [read]
  • Citadel Capital Gets US$ 156 Million Loan to Fund Unit Expansion
    Arab Finance | 3 July 2011 | English
    Egyptian private equity firm Citadel Capital got initial approval for African Development Bank and Indian Finance “FMO” to receive US$ 156 million loan as final agreement will be signed tomorrow, Alborsa newspaper cited Firm chairman Ahmed Heikal as saying. Loan proceeds will be directed to South Africa’s Sheltam Railways, he added. Heikal noted that Citadel implements expansion plan to Sheltam Co. which financed internally or by loans adding that it targets to buy new trains and trucks... [read]
  • Citadel Capital Signs a New Investment Agreement of US$ 21 Million | 26 June 2011 | Arabic
    Citadel Capital announced that the German Investment Corporation (DEG) and the European Investment Bank (EIB) will jointly invest US$ 21 million in the Opportunity-Specific Fund controlling Citadel Capital’s Egyptian river transport investments... [read]
  • Egypt Looks Safe for Foreign Investment, Says Heikal
    Ahram Online | 30 June 2011 | English
    Egypt is sending clear signs that it is safe for foreign investment, the chairman of private equity firm Citadel Capital has told Ahram Online, describing the latest political turmoil as “bumps along the road” to an eventual recovery. “Short-term bumps exist, that is clear,” Ahmed Heikal told Ahram Online. “Foreign direct investment will suffer from what we’re experiencing now – a lack of a general assembly, a constitution and a president. But it will re-emerge and we’re seeing the start of that now with investment from DFIs [Development Finance Institutions]... [read]
  • 14 Talented Egyptians to Study Abroad on Citadel Capital Scholarship Foundation Awards | 18 June 2011 | English
    The Citadel Capital Scholarship Foundation (CCSF) hosted a reception to honor 14 recipients in its fifth annual round of scholarships. The CCSF grants full academic scholarships to talented young Egyptian men and women to pursue graduate degrees at world-class international institutions... [read]
  • Private Equity: Money Doesn’t Like Noise
    The Africa Report | 3 June 2011 | English
    Investors in North Africa are rattled by the current instability but are counting on political transformations to lead to higher growth rates. The money has dried up. International investors who had promised to put their money into the hands of fund managers in Cairo and Tunis have baulked at the political risks rising from the groundswell of popular revolution. Fund managers, some of whose portfolio companies had to close up shop for a couple of weeks during the height of the unrest, are struggling to provide sufficient reassurances.
“Until there is clarity on the political situation in Egypt we can’t ask investors in good conscience to make a decision on a long-term commitment to the country,” says Stephen Murphy, managing director for institutional fundraising at Citadel Capital... [read]
  • Citadel Capital Reports Narrowing Execution Risk, Strong Fundraising in FY10 Results
    Zawya | 31 May 2011 | English
    Citadel Capital, the leading private equity firm in the Middle East and Africa, announced today its standalone financial results for the full year and fourth quarter of 2010, reporting a 9.9% rise in total assets under management (AUM) to US$ 4.0 billion (EGP 23.2 billion) in the full year and a sharp narrowing of execution risk. Citadel Capital added US$ 363.6 million in new AUM in FY10, including US$ 97.0 million in new principal investments. Conditions in Egypt and the broader MENA region arising from recent political and economic developments have since prompted Management to adopt a more conservative outlook on 2011, a factor that underpins a reduced Portfolio Net Asset Valuation Per Share (PNAVPS) of US$ 1.30 (EGP 7.51) and the write-down of two principal investments related to an under-performing upstream oil and gas platform... [read]
  • Citadel Remains Upbeat About Sub-Saharan Economies
    Daily Monitor | 19 May 2011 | English
    Citadel Capital, Africa’s largest private equity fund remains upbeat about continued investments in Sub-Saharan Africa economies despite the current political tensions on the continent. “We see Sub-Saharan Africa as being largely unaffected by events and growing strongly this year,” said Hisham El-Khazindar, managing director and co-founder of Citadel Capital... [read]
  • Citadel Capital Gains After Unit Finds Gold in Ethiopia
    Bloomberg | 17 May 2011 | English
    Citadel Capital SAE gained the most on record after one of the units of the Egyptian private equity company said it found gold in a concession in Ethiopia. The shares rose 5.7%, the most since they were listed in December 2009, to EGP 4.84 at the 2:30 p.m. close in Cairo. That valued the company at EGP 3.2 billion. Asec Co. for Mining said it found evidence of the existence of gold near the surface in an area where it has exploration rights in Ethiopia. The company said it completed the first phase of drilling in the area and plans to start the second phase in July and the third phase in the third quarter... [read]
  • Citadel Capital Ranked Largest PE Firm in Africa for Third Year Running
    Zawya | 16 May 2011 | English
    Citadel Capital, the leading private equity firm in the Middle East and Africa with investments of US$ 8.6 billion under control, has been ranked the number one private equity firm in Africa for the third year in a row in Private Equity International’s annual ranking of the world’s largest and most active PE firms... [read]
  • Citadel Capital Warns of MENA Slowdown Following Unrest
    Financial News | 13 May 2011 | English
    An Egyptian buyout firm which last month became embroiled in controversy surrounding an investment under the country’s former political regime has expressed fresh concern that the recent unrest in the Middle East and North Africa would damage private equity in the region. Speaking on Wednesday at an International Finance Corporation conference in Washington DC, Hisham El-Khazindar, managing director and a co-founder of Citadel Capital, said fundraising among buyout firms would suffer in the Mena region following the political uncertainty and regime overhauls in the region... [read]
  • Citadel Capital Sees Substantial Opportunities for Africa and the Arab World
    Al Borsa | 12 May 2011 | Arabic
    At the IFC’s annual gathering of international private equity leaders in Washington, DC Citadel Capital SAE says that the global competitiveness of the Arab world’s most diverse economy is set to rise in the long term. The article includes a picture of Hisham El Khazindar... [read]
  • Egypt Rebounds on Debt Relief; Gulf Markets Mixed
    Reuters Africa | 9 May 2011 | English
    Egyptian stocks rebounded on Monday on a report of US$ 1 billion US debt relief for Egypt while Gulf markets were mixed after being hit by an oil-price drop. Private equity firm Citadel Capital jumped 4.2%, partly on optimism that a recent Egyptian delegation to Nile basin countries might help smooth out Egypt’s sometimes rocky relations with its southern neighbors. “The Egyptian government has been trying to improve its relations with Africa, where Citadel is a big investor,” said Hisham Metwally of Arab Finance Brokerage... [read]
  • Citadel Adjusts to Egypt’s New Realities
    Financial Times | 13 April 2011 | English
    For Cairo-based Citadel Capital, 2011 was to have been the year that the private equity fund, Africa’s largest, put the financial crisis behind it. After years spent focused on managing its portfolio, the group was planning some exits and pursuing significant new deals. Instead, tear gas in Tahrir Square and the fall of Hosni Mubarak, the former president, has sent the operation, with US$ 8.6 billion of investments under management, back into defensive mode.“This is a delicate period,” says Hisham El-Khazindar, Citadel’s managing director and co-founder ... [read]
  • Citadel Capital Defers Big Buys
    The National | 12 April 2011 | English
    Citadel Capital is putting off major acquisitions for the next nine to twelve months. The article contains comments by Hisham El Khazindar on Citadel Capital’s strategy going forward. ... [read]
  • Egypt’s Citadel Capital to Delay Taqa Arabia IPO
    Reuters Africa / News | 11 April 2011 | English
    Egypt’s Citadel Capital has postponed plans for the initial public offering (IPO) of its electricity and natural gas distributor Taqa Arabia because of lower valuation prospects, a senior executive said on Monday. The private equity firm, which originally planned to list shares of Taqa Arabia in June, now sees an IPO by late 2011, said Stephen Murphy, managing director for institutional fundraising at Citadel. “If public markets were closed in Egypt for a while, it’s only natural that you are not going to get full value for your investments,” he said. Murphy added that the company is evaluating all options for Taqa. ... [read]
  • Egypt’s Long-Term Fundamentals Strengthened by Revolution | 11 April 2011 | Arabic
    The economic fundamentals that saw Egypt help lead global growth during the financial crisis of 2008-09 will only be further enhanced in the long-term by democratic reforms in the Arab world’s most populous nation, a senior private equity leader told Private Equity International’s Middle East Forum in Dubai today. “Egypt’s competitiveness in the global economy — as an export and manufacturing hub as well as in its capacity as a destination for foreign capital — will only rise as long-term political risk is mitigated by greater democracy,” said Hisham El-Khazindar, Managing Director and Co-Founder of Citadel Capital, the leading private equity firm in the Middle East and Africa with US$ 8.6 billion in investments under control spanning 14 countries and 15 industries. El-Khazindar’s comments were delivered at an open forum on North Africa held this afternoon. Stephen Murphy’s comments were also mentioned. ... [read]
  • Sphinx Private Equity Management Plans to Increase Capital in the Gulf
    Al Mal | 6 April 2011 | Arabic
    According to Sphinx Private Equity Management Chairman Marianne Ghali, the company is planning to increase its Turnaround Fund capital in Arab countries, and particularly in the Gulf, to raise its capital from US$ 85 million to US$ 100 million. Ghali also confirmed that the revolution has not affected Sphinx’s operations. ... [read]
  • SODIC, Designopolis Organize Charitable “Souk El Horreya”
    Al Borsa | 6 April 2011 | Arabic
    SODIC in partnership with Designopolis have organized “Souk El Horreya,” a charity bazaar, held on Saturday, 2 April at Cairo’s largest home design destination’s outdoor promenade. The one day charity bazaar hosted NGO booths, a Good Will Booth – where donations were made – and a homemade bake sale, with all proceeds going to charity. The 10,000 invitees and visitors shared in the spirit of giving while enjoying live entertainment and viewing handicrafts made by some of the participating organizations... [read]
  • Citadel Capital Subsidiary Sphinx Secures Financing for Egyptian Paper Mill Project
    AltAssets | 5 April 2011 | English
    Sphinx Private Equity Management, a subsidiary of Cairo-listed firm Citadel Capital, has secured US$ 26.5 million in financing from development finance institution the International Finance Corporation (IFC) to complete the construction of a paper mill in Egypt. The IFC is to contribute US$ 10 million in equity and up to US$ 15.5 million in loan financing to fund the completion of the project, which is being carried out by Sphinx affiliate Grandview Investment Holdings in partnership with a subsidiary of Egyptian printing house the National Printing Company... [read]
  • Citadel Capital’s Company Signs US$ 25.5 Million Agreement
    Al Alam Al Youm | 5 April 2011 | Arabic
    The IFC joins Sphinx Private Equity Management and Grandview, Citadel Capital’s small and mid-cap investment portfolio company, to finalize the debt and equity financing for the completion of environmentally-friendly paper mill that will create 850 jobs and ease Egypt’s reliance on imports. Grandview Investment Holdings, a company managed by Sphinx Private Equity Management, announced today that the International Finance Corporation (IFC) is supporting job creation and reducing greenhouse gas emissions in Egypt by investing to complete the construction of a new paper mill, a project initiated by El Motaheda S.A.E., a subsidiary of Modern Shorouk for Printing and Packaging. ... [read]
  • Chairman of ERC Says Mostorod Project Was Created in Order to Avoid the Transfer of Diesel to Desert for Processing
    Al | 4 April 2011 | Arabic
    The chairman of the Egyptian Refining Company (ERC) has stressed the fact that the Mostorod project will benefit the environment more than anything as it will avoid the transfer of diesel and oil products to the desert for processing purposes, as any leak during transferring would usually cause an environmental disaster. The project is a partnership between Citadel Capital and an Emirati Company as well as public sector institutions, most notably the Egyptian General Petroleum Corporation (EGPC... [read]
  • Important Facts on ERC Project
    Al Gomhuria | 31 March 2011 | Arabic
    The US$ 3.7 billion oil refinery project in Mostorod for the Egyptian Refining Company is far from the petrochemicals industry and will offer Egypt 60% of what the country imports of diesel stating in 2015, which will save the country between US$ 250 million and US$ 275 million every year. The refinery will produce over 4 million tons of refined products per annum when completed, including 2.3 million tons of EURO V diesel, the cleanest fuel of its type in the world. The project will also prevent the release of 93,000 tons per year of sulfur dioxide (SO2), thereby reducing Egypt’s annual CO2 emissions by 29.1%. ERC will produce high-value, clean-burning fuels including diesel, petrol and butane. ERC and representatives of the Mostorod, Mataria and Khosos communities met and agreed to form a working committee to ensure the project is compliant with environmental standards set by the Egyptian Ministry of State for Environmental Affairs in accordance with independent studies prepared by Cairo and Ain Shams Universities. The project also is in compliance with stringent World Bank and European environmental standards. Overall, Egypt is in urgent need for such a large project that would support the development of the Egyptian economy... [read]
  • Plans for Better Railway Service on Course – Sadek
    Daily Monitor (Uganda) | 29 March 2011 | English
    Citadel Capital is one of the leading Private Equity firms in the Middle East and Africa (MEA) region, with more than US$ 8.3 billion in diversified investments under its control. The investments span 19 platform companies and 15 industries across 14 countries. The company also holds a 51% stake in Rift Valley Railways. Dennis Kawuma spoke to the company’s Managing Director, Karim Sadek... [read]
  • New Opportunities Come as MENA Moves Towards Democracy | 28 March 2011 | Arabic
    The Private Equity International (PEI) event taking place in New York ended last Monday. It featured Citadel Capital, who stated that the firm believes that the events and unrest in the region will affect both foreign the private equity levels in the region and international energy prices. However, Citadel Capital remains optimistic about the future of the economy in the region as a whole... [read]
  • Positive Indications of Gold Mineralization in ASCOM’s Ethiopian Concession
    Arab Finance | 27 March 2011 | English
    ASEC Company for Mining Citadel Capital’s platform company in the regional mining industry, announced that subsidiary ASCOM Precious Metals Mining (APM) has received encouraging indications of gold mineralization in the company’s Asosa Concession in Western Ethiopia. ... [read]
  • Citadel Capital Postpones Taqa Arabia IPO
    Al Borsa | 22 March 2011 | Arabic
    Given the political and economic unrest in the country, Citadel Capital will delay the initial public offering of its energy distribution platform TAQA Arabia, which was planned for the first half of this year. Citadel Capital will delay the IPO until the end of this year, or the beginning of the coming year. Citadel Capital Head of Investor Relations Amr El Kadi believes that the company will not complete any exits this year, but he believes that the coming period will offer good acquisition opportunities at excellent prices. El Kadi also stated that in last net asset value of Citadel Capital was at EGP 10.30 per share, but he expects it to drop when they announce the new net value of shares in the coming period. He added that the company has EGP 150 million in liquid assets, so small losses pose no problem for the company but won’t allow for exits this year. However, the company is planning to spend 50% of what is spent last year on OPEX given current circumstances in the country and will be cutting travel expenses and management bonuses. Citadel Capital has 19 platform companies with each platform company owning at least three portfolio companies, the story claims. ... [read]
  • Citadel Has Big Plans for RVR
    The Independent (Uganda) | 18 March 2011 | English
    Karim Sadek, managing director of the Egyptian firm Citadel Capital, which owns the majority shares of the Kenya-Uganda railway concession RVR, dreams of a single transport network covering East Africa, moving passengers and cargo, connecting agriculture markets and small businesses. Last week he told The Independent’s Teresa Nannozi about these plans and the negative effect North Africa’s political upheaval has had on business. ... [read]
  • Ahmed Heikal: Our Companies and Investments Are Safe
    Al-Alam Al-Youm | 17 February 2011 | Arabic
    Dr. Ahmed Heikal, Chairman of Citadel Capital, confirmed that all the company’s subsidiaries and employees are safe. Heikal said that Citadel Capital has been operating regularly since the beginning of the week [sic] and confirmed that the company’s assets were not damaged. He added that the executive and managerial team at Citadel Capital confirms their belief in the Egyptian economy and expects further economic growth and reform in Egypt. Heikal also confirmed that Citadel Capital’s strategy accounts for the possibility of risk, given that the company’s investments are concentrated in high-risk regions. Citadel Capital’s Chairman also said that there are a number of factors that make the MENA region attractive for investments including demographics and growth in the banking sector... [read]
  • How Egypt’s Businesses Coped Through the Crisis
    The Telegraph | 11 February 2011 | English
    Egypt’s government shut the stock market after countrywide political protests caused the benchmark index to plunge by 16% in two days. Although the reopening of the market on Sunday has not yet been confirmed, analysts have warned of a renewed sell-off by spooked investors once trading resumes. Cairo-based private equity firm Citadel Capital resumed full operations as of 6 February, without damage to any of its assets or affiliate subsidiaries, the firm said. “In the long term, Citadel Capital believes that this difficult period will result in a more stable and faster-growing Egypt and region,” a statement on its website said. “In the coming period, we see very compelling opportunities for long-term private equity investors in Egypt and beyond.” ... [read]
  • Heikal Reveals Citadel Capital’s Future Plans
    Al Akhbar | 19 January 2011 | Arabic
    Citadel Capital’s Chairman was the guest of honor at a private equity event hosted by the British Egyptian Business Association on 17 January. Heikal delivered a speech covering Citadel Capital’s strategy for regional investment, commenting that rapid population growth in Africa and Egypt has guided the firm’s investments in the real estate, construction, retail and food industries. ... [read]
  • Citadel Capital Sees Potential in Africa
    Al Borsageya English | 16 January 2011 | English
    Citadel Capital executives, including Chairman and Founder Ahmed Heikal, believe in investing in Africa. Citadel Capital is leading firms in investment in the promising Sudanese market with interests in cement, river transport, oil exploration, power generation and financial services. (Original article seems to be based on a press release and is written in nearly incomprehensible English)... [read]
  • Shares Performance
    Al Shorouk Al Gadeed | 4 January 2011 | Arabic
    Citadel Capital was mentioned as the company’s shares increased by a 3 percent to LE 9.38. The company’s shares have been performing well in the past two weeks after the National Investment Bank has announced its interest in the Egyptian Refining Company (ERC), a platform company of Citadel Capital. ... [read]
  • Citadel Capital Unit Corners 13 Percent of Sudan Cement Market
    Daily News | 11 November 2010 | English
    A unit of Citadel Capital secured 13% of Sudan’s cement market at the end of October after opening a US$ 253 million plant in August. Citadel Capital reported that the Al Takamol factory, which is 51% owned by its cement unit ASEC with the rest held by Sudan’s Social Security Investment Authority, is the most technically advanced in the country. It has an annual capacity of 1.45 million tons of clinker and 1.6 million tons of cement. ... [read]
  • Citadel Capital Investments Exceed US$ 3.5 Bn
    Al-Sherouk Al-Gadeed | 3 November 2010 | Arabic
    Citadel Capital Chairman and Founder Ahmed Heikal estimates that the company will attract over US$ 3.5 billion in investments during 2010, with most investments coming from foreign institutions and the company’s limited partners. Heikal added that by 2040, Africa and the Middle East will be home to the world’s largest working-age population, as manufacturing jobs shift out of Asia.... [read]
  • Citadel Targets More Buyouts in Eastern Africa
    Business Daily (Kenya) | 2 November 2010 | English
    Citadel Capital, the Egyptian private equity firm with a majority shareholding in Rift Valley Railways (RVR), is scouting for more deals in East African firms specializing in information technology, food processing, farming and transport. The company has set aside US$ 400 million for investing in Kenya, Tanzania and Uganda, where economic growth for the three countries ranges between 5-8%. Speaking on the sidelines of the COMESA infrastructure conference in Nairobi last week, Citadel Capital Managing Director Karim Sadek was quoted saying “if the opportunity is identified, we are ready. We will put in the money; it could be a million dollars.” ... [read]
  • Leading Global Research House Crédit Suisse Initiates Coverage of Citadel Capital Share
    El-Sherouk El-Gadeed | 2 November 2010 | Arabic
    Leading global research house Crédit Suisse initialized coverage today of Citadel Capital shares with an “outperform” rating and a target price of EGP 11.62 per share, suggesting a 53% upside potential from current levels. “We are delighted that Crédit Suisse has become the first global research house to cover Citadel Capital,” said Amr El-Kadi, Head of Investor Relations at the leading private equity firm in the Middle East and Africa with US$ 8.3 billion in investments under control. ... [read]
  • Citadel Capital Wins Best Oil and Gas Deal Award
    Daily Monitor (Uganda) | 28 October 2010 | English
    Last week Citadel Capital, the lead investor in the Kenya-Uganda Rift Valley Railways, was awarded the Africa Investor Magazine’s 2010 Africa Investor Infrastructure Investment Award for best oil and gas deal. The award was presented in in Johannesburg South Africa, and was jointly awarded to Citadel Capital for their work with the Egypt Refining Company (ERC) and Bowman Gilfillan for overseeing the Ibhubesi Gas Field. In August, Citadel Capital announced that it had reached financial close on a US$ 2.6 billion financing package for ERC, which stands as one of the largest private-sector industrial development projects ever executed in Africa.... [read]
  • Citadel Capital Launches Egyptian Private Equity Association
    Al-Akhbar | 27 October 2010 | Arabic
    Citadel Capital announced yesterday the launch of the Egyptian Private Equity Association (EPEA) at a well-attended event held in Cairo, with special guest global private equity chieftain David Rubenstein in attendance. “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 point in time,” said Citadel Capital Chairman and Founder Ahmed Heikal at the event. Managing Director and Co-founder Hisham El-Khazindar added that, “The EPEA will raise public awareness of the positive role private equity plays in national development.”... [read]
  • Heikal: 11 Lessons Learned From Citadel’s Investing Experience
    Al-Sherouk Al-Gadeed | 20 October 2010 | Arabic
    Chairman and Founder of Citadel Capital Dr. Ahmed Heikal gave a presentation at the SuperReturn Middle East conference, speaking to delegates about how the risks of investing in the MENA region are balanced out by the advantages. “If you have little stomach for risk, go to Switzerland,” said Dr. Heikal. “If you want to build highways, energy distribution, an agribusiness that will deliver returns over 10 years, you’re in the right room.” Heikal presented 11 lessons that summarize the knowledge he’s gained from his experience working in MENA markets. Lessons for firms interested in the Middle East include having a grand vision, clear strategy, and patience. ... [read]
  • Citadel Capital to List Two Companies Over Next Two Years
    Al-Sharq Al-Awset | 19 October 2010 | Arabic
    Citadel Capital is considering listing two of its existing portfolio companies within the next 12 to 24 months. “The listings could take place in Egypt and would be in the range of between US$ 175 and US$ 250 million,” Managing Director Stephen Murphy told reporters in Abu Dhabi. He added, “More liquidity is coming to the markets and as that liquidity is coming through we’re taking the opportunity with some of our more mature companies to consider an IPO.”... [read]
  • Citadel Capital Executives to Participate in SuperReturn Middle East 2010
    Zawya | 17 October 2010 | English
    Citadel Capital is participating in the SuperReturn Middle East 2010 conference taking place until 20 October 2010 at the Fairmont Hotel Bab Al Bahr in Abu Dhabi. Chairman and Founder Dr Ahmed Heikal is leading a team of three other executives from the firm, including Hisham El-Khazindar, Abdallah ElEbiary and Steven Murphy- to participate in the conference. Their involvement in Abu Dhabi will mark the first public appearance in the Emirates for both Dr Heikal and El-Khazindar since the firm announced that it had closed a US$ 2.6 billion debt package deal for its Egyptian Refining Company (ERC). SuperReturn Middle East is the largest and most prestigious private equity and venture capital summit covering the Middle East, North Africa, Turkey and South Asia region.... [read]
  • Citadel Capital Vs Abraaj, A Race to Lead
    Amwal Magazine | October 2010 | Arabic
    Citadel Capital and Abraaj Capital are the top two companies in private equity in the Middle East and North Africa. While Citadel Capital defines itself as the biggest private equity firm in the region in terms of assets under control (US$ 8.3 billion), Abraaj also claims to be the biggest, in terms of assets under management (US$ 6.6 billion). The companies differ in terms of business model and preferred markets. For example, Citadel Capital has taken an interest in greenfield projects, while Abraaj, according to its CEO Ahmed Badr El-Din, is not interested in greenfields. In terms of business models, Abraaj Capital prefers to establish general investment funds and then look for opportunities, while Citadel Capital finds the opportunities first and then establishes a special fund for each one. Citadel Capital chairman and founder Ahmed Heikal said that when establishing a new fund, Citadel Capital contributes between 10 and 20% and then invites other investors. He added that his firm is less focused on periodical profits than generating profits from successful exits. In contrast, Abraaj tends to hold onto companies for longer periods of time. In terms of markets, both companies work in Egypt, Saudi Arabia and Emirates, with Citadel Citadel more interested in Africa and Abraaj focused on North Africa and some markets in South Asia. The companies have similar investment philosophies, both concentrating on emerging markets and sectors with the potential to achieve high development rates. Citadel Capital Managing Director Ahmed El Houssieny added that his company focuses on labor and energy intensive sectors with high export potential.... [read]
  • Citadel Capital Ventures Down the Road of Goodwill, Grants Scholarships
    Al-Alam Al-Mal | 10 October 2010 | Arabic
    Secretary-General of Citadel Capital Scholarship Foundation Hussein El-Khazindar spoke last Wednesday at a symposium with former US President Bill Clinton. El-Khazindar emphasized that corporations must play a key role in arming Egyptian youth with the skills they need to thrive in today’s job market. The Citadel Capital Scholarship Foundation has, since its founding in 2007, granted full scholarships that have allowed more than 70 Egyptian students to pursue graduate degrees at top institutions around the world.... [read]
  • Egypt’s Citadel Invests US$ 40 Mn in Sudanese Farms
    Al-Ahram Al-Youm | 29 September 2010 | Arabic
    Citadel Capital reported plans this week to invest US$ 40 million to grow crops in Sudan, a country where agricultural spending is increasing as the government moves to address food shortages. Citadel Capital is acquiring agricultural land under long-term leases for up to 25 years from Sudan’s government via two subsidiaries, Sabina and Concord. The two subsidiaries aim to grow sugar, corn, cotton, wheat, sunflower and sorghum on 250,000 feddans, according to Sabina Chief Executive Peter Schurrs.... [read]
  • Citadel Capital In Spotlight for Third Consecutive Year At Euromoney Conference
    Ame Info | 29 September 2010 | English
    Citadel Capital is a lead sponsor of this year’s Euromoney Egypt Conference, which is being held under the banner “Competing for Investment, Investing in Competitiveness” on September 28-29 in Cairo. Amr El Kadi, Head of Investor Relations at Citadel Capital, will join a group of regional heavyweights for the opening panel of the conference.... [read]
  • Citadel Capital To Invest US$ 30 Mn in its Subsidiaries
    Al-Sherouk Al-Gadeed | 27 September 2010 | Arabic
    During the second half of this year, Citadel Capital plans to invest US$ 30 million in its ongoing projects. ASEC for Geology and Mining, TAQA Arabia, Finance Unlimited and Gozour Foods are all slated as potential beneficiaries of the firm’s investment. Citadel Capital expects that the value of its assets will reach US$ 3.9 billion at the beginning of next year compared to US$ 1.9 billion at the end of last June.... [read]
  • Citadel Capital’s Dina Farms to Open A New Chain of Retail Outlets
    Al-Alam Al-Youm | 15 September 2010 | Arabic
    Dina Farms, Egypt’s largest integrated commercial farm, has just launched a new chain of retail stores that are bringing high-quality dairy products, produce, and meats to consumers nation-wide. The company currently has six stores in five districts across the country. The news comes as Dina Farms, part of Citadel Capital’s integrated regional multi-category consumer foods platform Gozour, continues to solidify its position in the Egyptian market as the premium supplier of fresh dairy and food products to the Egyptian consumer. Dina Farms has always been a well-known name in Egypt, but this is our first real entry into the retail business,” said Gozour Agro Chief Executive Officer and Managing Director Ahmed Seddik.... [read]
  • Egypt’s Citadel Capital to Increase Its Stake to 51% in Kenyan Railways
    Al-Hayat | 29 August 2010 | Arabic
    Through its subsidiary Ambience Ventures, Citadel Capital now owns 51% of Rift Valley Railways International (RVRI), which owns 100% of each of the Kenya and Uganda concession companies. Citadel Capital is working with other shareholders, including Bomi Holdings and Trans-Century Limited, to finalize a business and investment plan that includes a US$ 287 million capital expenditure program to rehabilitate infrastructure and rolling stock. A more “efficient rail network could, in time, bring East African transport costs down by as much as 35%,” said Citadel Capital Managing Director Amr El-Barbary.... [read]
  • Citadel Capital Reports Second Quarter 2010 Results, Delivery of Four Greenfields
    Zawya | 22 August 2010 | Arabic
    Citadel Capital announced today its standalone financial results for the second quarter of 2010. The firm reported the start of operations at four Greenfield projects as well as a 1.7% rise in portfolio net asset value and a 12.5% rise in asset management value, the combined effect of which was a 5.3% rise in total net asset value per share for the firm. “The second quarter of 2010 was about delivering on our promises to investors,” said Chairman and Founder Ahmed Heikal.... [read]
  • First Two River Barges Inaugurated
    Al-Alam Al-Youm | 12 August 2010 | Arabic
    Prime Minister Ahmed Nazif attended the inauguration of Egypt’s first two river barges yesterday, a project financed by Citadel Capital through the National Holding for Multimodal Transport Company (NMT). The EGP 30 million barges will be used to transport goods between Alexandria, Upper Egypt and Sudan. The new barges will be 100 meters long, 11.4 meters wide and have a carrying capacity between 100 and 1600 tons.... [read]
  • Citadel Capital Obtains Largest Financing for a Project in Africa’s History
    Al-Mal | 10 August 2010 | Arabic
    Citadel Capital announced on Monday that the Egyptian Refining Company (ERC) has signed a debt package of US$ 2.6 billion to finance construction of its state- of-the-art US$ 3.7 billion second-stage oil refinery in the Greater Cairo Area. The refinery will produce over 4 million tons of refined products per annum, including over 2.3 million tons of EURO V diesel, the cleanest fuel of its type in the world. Marwan Elaraby, Managing Director at Citadel Capital, estimated foreign direct investment in the project at US$ 3 billion. Additionally, Dr. Ahmed Heikal, Chairman and Founder of Citadel Capital, expressed his appreciation to the Egyptian government for their support. The project is expected to start operations in 2014, with ERC selling its products to the Egyptian General Petroleum Corporation under a 25-year purchase agreement.... [read]
  • Citadel Capital to Invest EGP 1.1 Billion in Sphinx Glass Factory
    Al-Alam Al-Mal | 18 July 2010 | Arabic
    Citadel Capital announced plans to commission one of the biggest and most advanced float glass factories in Egypt with an estimated cost of EGP 1.1 billion and a production capacity of 600 tons daily. Hisham El-Khazindar, cofounder of Citadel Capital, said that the investment reflects the belief that Egypt and the region have what it takes to support the glass industry.... [read]
  • Long-sighted: Wealthy Egyptian Business Families Venture Abroad
    The Economist | 17-23 July 2010 | English
    Aside from the Sawirises, the most powerful brothers in Egyptian business today are Ahmed and Hassan Heikal, who form part of a small group of experienced financiers that has turned Egypt’s financial industry into a regional powerhouse. Less risk averse than his brother Hassan, who is currently a senior executive at EFG Hermes, Ahmed Heikal left the investment bank to form Citadel Capital, and in less than a decade it has boosted its assets from six to eight figures in dollar terms, propelled by a sequence of stunningly lucrative takeover and turnaround deals. With a claimed US$ 8.3 billion in investments under control, Mr. Heikal’s latest deals include a huge rice farm in Sudan and a share in Rift Valley Railways, which links Kenya and Uganda. Expect many more to follow.... [read]
  • Citadel Capital Grants 20 Scholarships
    Al-Alam Al-Mal | 11 July 2010 | Arabic
    The Citadel Capital Scholarship Foundation (CCSF) hosted a reception last week to honor the 20 recipients in its fourth annual round of scholarships. The CCSF grants full academic scholarships to talented young Egyptian men and women to pursue graduate degrees at world-class international institutions. The foundation has awarded 70 scholarships to date for students studying in all disciplines. The only condition is that the students return to work in Egypt after graduation. Dr. Nabil Elaraby, Chairman of the Board of CCSF, said, “The Foundation is, we hope, the source of education and opportunity for more than one generation of Egypt’s emerging leaders.” ... [read]
  • OPIC Commits US$ 100 Mn in Financing to Citadel Capital Funds
    Al-Ahram Weekly | 8 July 2010 | English
    The Board of Directors of the US Overseas Private Investment Company (OPIC) has approved up to US$ 100 million in financing for new investments by Citadel Capital and its Joint Investment Funds. Citadel Capital is the leading private equity firm in the Middle East and Africa with US$ 8.3 billion in investments under its control. “We are delighted with OPIC’s decision to commit up to US$ 100 million in financing for new investments by our firm,” said Managing Director and Co-founder Hisham El-Khazindar. ... [read]
  • Citadel’s Bonyan Launches Designopolis
    Roz Al-Youssef | 22 June 2010 | Arabic
    Bonyan for Development and Trade, a platform company of Citadel Capital, has launched the first phase of its Designopolis mall in Sixth of October City. Designoplis will eventually house a total of 300 local and international furniture and design brands in an attractive, modern setting that has already won the praise of design enthusiasts around the world. Managing Director Nader Lahzy reported that Designopolis will aim to offer top local brands in addition to international names such as Cassina and Natuzzi and Alessi. Designopolis’ Sixth of October location was designed by the renowned architectural firm Skidmore, Owings and Merrill, and will be Egypt’s first Leadership in Energy and Environmental Design (LEED) certified construction project. ... [read]
  • Citadel Capital Establishes Electrical Power Station in Sudan
    Al-Mal | 25 May 2010 | Arabic
    Citadel Capital’s ASEC Cement and Taqa Arabia announced today the official inauguration of Berber for Electrical Power in Sudan. Berber for Electrical Power’s 42 megawatt power generation operation is now providing for all the electricity needs of Takamol, ASEC Cement’s 1.6 million ton per annum greenfield cement plant in Sudan. 51% of Berber, a US$ 67 million facility, is held by Taqa Arabia’s power arm.... [read]
  • Chairman and Founder Ahmed Heikal Interviewed on Kenyan Television
    KTN Kenya | 4 May 2010 | English
    ... [read]
  • Citadel Capital Turns to Agriculture in Search of Investment
    Business Daily (Kenya) | 12 April 2010 | English
    Citadel Capital’s consumer food business, Gozour, is keen to cut reliance on imports in supplying its Egyptian plants and increase its control over its supply chain in order to protect against global commodity price fluctuations. The firm is now planning to buy Kenyan agro-based firms and enter into contract farming, which involves financing farmers and in return reaching an agreement to use the produce in Egypt. “Citadel Capital is particularly interested in the opportunity presented by the East African market,” said Karim Sadek, Managing Director of Citadel Capital.... [read]
  • Citadel Capital Signs Land Deal for Sudan Rice Farm
    Al-Akhbar | 7 April 2010 | Arabic
    El-Nahda for Integrated Solutions has signed an agreement with the Sudanese Ministry of Agriculture for a 30-year lease on 60,000 feddans of land in Ed Dueim (150 kilometers south of Khartoum) on which it will build that nation’s first large-scale commercial rice farm. El-Nahda for Integrated Solutions is a portfolio company of Wafra, Citadel Capital’s Platform Company in the Sudanese agriculture industry. The farm will produce rice primarily for domestic consumption in Sudan, a net importer of rice, allowing any excesses to be exported to other nations in Africa and the Middle East. ... [read]
  • Citadel Capital Reports Full-Year 2009 Results
    AME Info | 17 March 2010 | English
    Citadel Capital announced today its financial results for the fiscal year 2009, reporting a total net asset value per share of US$ 2.83 as of 31 December 2009. The total net asset value per share captures the present value of Citadel Capital’s principal investments in the 19 Opportunity-Specific Funds that it controls as well as in the asset-management component of the business. The firm had total assets under management (committed) of US$ 3.7 billion as of 2009. “We are very pleased not just to have recorded substantial gain in the net asset value of our portfolio in the last quarter of the year alone, but also to have grown both our top and bottom lines on the full year,” said Citadel Capital Chairman and Founder Dr. Ahmed Heikal.... [read]
  • Citadel Capital Eyes US$ 2.2 Bn Raising For Greenfield Project
    Zawya | 16 March 2010 | English
    Citadel Capital hopes to raise US$ 2.2 billion by April for a US$ 3.2 billion green field project in Egypt. Ahmed El Houssieny, Managing Director of Citadel Capital told Zawya that the firm is raising US$ 2.2 billion in debt and investing US$ 1 billion in equity for the project.... [read]
  • Citadel Capital Invests EGP 1 Bn in Three River Ports
    Al-Mal | 14 March 2010 | Arabic
    Hisham El-Khazindar, Co-Founder of Citadel Capital, reported this week that Citadel Capital has allocated EGP 1 billion for investment in three river ports, including Tanash Port which was formally opened on Saturday. The firm has also acquired land for two other ports which will be operational within two years. Khazindar added that Citadel Capital plans to acquire river transport company Keer Marine in Sudan with the intention of establishing a river transport network between Alexandria, Egypt and Juba, Sudan.... [read]
  • Citadel Capital Sets Up US$ 150 Mn Africa Fund
    Reuters | 8 March 2010 | English
    Egyptian private equity firm Citadel Capital said on Monday that it is setting up a new US$ 150 million co-investment fund for Africa, with a focus on East Africa. The main investors in the fund will be PROPARCO, a French development financial institution, the Dutch development bank FMO, along with the African Development Bank (ADB) and potentially a fourth financier, which Citadel Capital would not disclose. “It is our first ever fund, a co-investment fund. We are looking at closing for it by the end of the second quarter,” said Citadel Capital Managing Director Karim Sadek.... [read]
  • Citadel Capital’s Gozour Group to Acquire Food Company in Ethiopia | 22 February 2010 | Arabic
    ... [read]
  • Citadel Acquires Stake in Rift Valley Railways
    AME Info | 22 February 2010 | English
    Citadel Capital has unveiled plans to become the biggest shareholder in Rift Valley Railways, operator of the “Lunatic Express” line running from Mombasa to Kampala. On Monday Citadel Capital said it bought 49% of Sheltam Railways and hopes to acquire the remaining stake in the company which is the largest shareholder in Rift Valley Railways with 35%. Acquiring 100% ownership would trigger a change of control clause that requires approval of the World Bank’s International Finance Corporation, the biggest lender to the rail operator. Transcentury, the rail operator’s second-largest shareholder with 20%, has been lobbying the Kenyan government and the IFC to block Citadel Capital. Ahmed Heikal, Chairman and Founder, said: “If other shareholders are unwilling to support future capital increases then we will step in and replace them.” Heikal said shareholders agreed to inject US$ 10 million of a planned US$ 150 million investment over five years to increase capacity from 2 million tons to 15 million tons.... [read]
  • Hisham El-Khazindar Interviewed on OTV
    Al-Alam Al-Youm | 7 February 2010 | Arabic
    Citadel Capital’s Hisham El-Khazindar was interviewed this week on Orascom Television, better known as OTV. El-Khazindar discussed the firm’s recent listing, as well as its platform companies and business strategy. El-Khazindar noted that the recent listing on the stock exchange didn’t involve offering new shares, but rather was designed to create new liquidity for financial investors. He added that Citadel Capital was transparent with its infancies prior to listing, regularly sending information to several major brokerage firms to evaluate Citadel Capital shares and set fair market value. ... [read]
  • TAQA Arabia and ASEC Cement Establish Energy Generation Project in Sudan | 19 January 2010 | Arabic
    Global Energy, the power arm of TAQA Arabia, has concluded an agreement to create a joint venture power-generation operation in Sudan in partnership with ASEC Cement and the Sudanese Pension Fund. The new venture, Berber for Electrical Power, will have a total installed capacity of 42 megawatts and will provide all the electricity needed for Takamol, ASEC Cement’s 1.6 million ton per annum greenfield cement plant in Sudan. “This agreement is the first major milestone on Global Energy’s regional expansion drive,” noted TAQA Arabia CEO Khaled Abubakr. TAQA Arabia and ASEC Cement are Citadel Capital platform companies.... [read]
  • Citadel Capital Plans US$ 400 Mn for East Africa
    Daily News | 18 January 2010 | English
    Citadel Capital is planning to invest up to US$ 400 million in East Africa, the private equity firm reported Sunday. The firm said it will be eyeing investment opportunities of around US$ 200-400 million over the coming two years in Kenya, Uganda and Tanzania. The announcement was made by Ahmed Heikal, Citadel Capital’s Chairman and Founder, and comes in the wake of the firm’s investments in Sudan. To date, Citadel Capital’s Sudanese investments cover sectors including transportation and logistics, financial services, cement, mining, agriculture, and oil and gas. “By the end of 2010, we will have invested more than US$ 900 million in that nation,” Heikal noted.... [read]
  • Citadel Capital Sells 6% of United Foundries, ASEC Cement For US$ 55 Mn
    Al-Wafd | 9 December 2010 | Arabic
    Citadel Capital announced yesterday that it has partially exited ASEC Holding as well as United Foundries Company, which was recently spun-off from ASEC Holding. Citadel Capital sold a 6% stake in ASEC Holding and a further 6% in United Foundries to the Emirates International Investment Company (EIIC) in a deal worth US$ 55 million. EIIC, a leading regional investor based in Abu Dhabi, is a long-time limited partner in a number of Citadel Capital’s OSFs and is a Citadel Capital shareholder. “This move comes in light of the firm’s strategic decision to further diversify its already-broad investment footprint to include new sectors such as solid waste management, where we recently finalized the acquisition of two companies that have become the nucleus of our eighteenth Platform Company,” said Citadel Capital Chairman and Founder Ahmed Heikal.... [read]
  • Citadel Capital Lists, Stock Jumps 171% On First Day Of Trading
    Al-Akhbar | 7 December 2010 | Arabic
    Citadel Capital shares jumped 171% to reach EGP 13.5 per share during the first day of trading.... [read]
  • Citadel Capital Lists Shares on EGX
    Al-Gomhoreya | 26 November 2010 | Arabic
    Citadel Capital announced today that it will list its shares on the Egyptian Exchange (EGX). The listing will not include the offering of new equity in the firm at this time. Citadel Capital Chairman and Founder Ahmed Heikal said, “It is time for decisive investors with proven strategies to embark on the next wave of deals that will generate strong returns. This listing will give Citadel Capital new flexibility in accessing equity capital markets at a later date, furthering our ability to invest in our own deals as a principal investor.” Citadel Capital, which typically invests 10-20% of the equity in each of its deals alongside leading regional and international limited partners, is presently exploring new investments in Saudi Arabia, Iraq, North and East Africa, as well as Egypt. ... [read]
  • Dr. Ahmed Heikal with Lamis el Hadidi
    Al Kahera Wal Nas (Tarek Nour Television Network) | September 2010 | Arabic
    Citadel Capital’s founder, Dr. Ahmed Heikal, in an interview with Lamis El Hadidi on Feesh wa Tashbeeh.... [read]
  • Citadel Capital Acquires Controlling Stake in Two Solid Waste Management Firms
    Al-Akhbar | 25 November 2009 | Arabic
    Citadel Capital announced yesterday that it has acquired a controlling stake in two leading firms in the solid waste management sector. The Egyptian Company for Solid Waste Recycling (ECARU) and the Engineering Tasks Group (ENTAG) are managed as one firm and will be grouped under a single holding company that will serve as the core of Citadel Capital’s platform investment in the solid waste management sector. The new company, ENTAG Holding, will be Citadel Capital’s 18th Platform Company. Citadel Capital intends to continue to grow the ECARU and ENTAG businesses as a majority shareholder alongside the existing shareholders and management team through a series of cash injections in 2009 and 2010.... [read]
  • Citadel Capital Hosts Annual African Venture Capital Association Meeting
    Zawya | 18 November 2009 | Arabic
    Citadel Capital’s Co-Founder and Managing Director played a leading role at the 8th annual African Venture Capital Association Conference in Cairo. “The primary impediments to growth in Africa are a lack of capital for investment and underdeveloped managerial capacities, which are two things private equity is uniquely well-positioned to address,” said Hisham El-Khazindar, Co-Founder and Managing Director of Citadel Capital, in his opening remarks.... [read]
  • Ahmed Heikal Discusses Citadel Capital’s New Investment Funds on CNBC
    CNBC TV | 2 November 2009 | English
    In an eight minute segment on CNBC TV, Citadel Capital Chairman and Founder Ahmed Heikal discusses the company’s new investment funds, as well the company’s overall investment strategy. Heikal says that now is the right time to invest, despite the still-dismal economic situation, saying that investors should look to distressed assets, as well as overstretched government balance sheets as evidence that there are investment opportunities in the region. Heikal noted that Citadel Capital has invested in a variety of sectors, including infrastructure, natural gas, electricity, transportation, cement and mining. He added that the firm is very interested in agricultural land in East Africa. ... [read]
  • Egyptian Firm Looks at Two Deals in Saudi
    Emirates Business 24/7 | 14 October 2009 | English
    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.... [read]
  • Egyptian Company Invests in Agricultural Lands in Sudan
    Reuters | 30 September 2009 | English
    Citadel Capital Managing Director Ahmed El Houssieny stated that the company is investing in 274,000 feddans in North Sudan with the balance in the South. El Houssieny added that the company is using Australian expertise and the land will be cultivated with sugar cane, maize and wheat. ... [read]
  • Egypt’s Citadel Capital to Invest US$ 200-400 Mn in 2010
    Reuters | 29 September 2009 | English
    Egyptian private equity firm Citadel Capital plans to invest US$ 200 million to US$ 400 million in 2010 and is looking for more opportunities in the rest of Africa, the firm’s Managing Director said on Tuesday. Marwan Elaraby also said Citadel Capital had slightly adjusted its investment strategy due to market uncertainty and liquidity considerations, and that for now the firm would probably focus on more gradual investments.... [read]
  • Egypt Firm Says Investing in Sudan Farmland
    Reuters | 29 September 2009 | English
    Egyptian private equity firm Citadel Capital is investing in 500,000 feddans (210,000 hectares) of farmland in Sudan, a senior executive said on Tuesday. “We are investing in 274,000 feddans in the north (of Sudan) and the rest in the south,” Ahmed El Houssieny, Managing Director at Citadel Capital, told reporters on the sidelines of a conference in Cairo. He said the firm holds the rights to farm the land for 99 years. ... [read]
  • Is Africa the Next Investment Frontier?
    CNBC Video | 21 September 2009 | English
    Citadel Capital Chairman and Founder Ahmed Heikal spoke with CNBC saying that for some investors, Africa represents the next big investment opportunity. He told the hosts that Citadel Capital has been “investing in Africa for the last seven years and we are stepping up our investments significantly.” Heikal noted the difficulty in obtaining leverage in Africa as well as the challenges presented to exits and explained the fundamental difference between the firm’s core North African footprint vs. its newer investments in sub-Saharan (particularly Eastern) Africa.... [read]
  • Citadel Capital Wins Global Investor Award
    AME Info | 14 September 2009 | English
    Citadel Capital, the leading private equity firm in the Middle East and North Africa with US$ 8.3 billion in investments under control, recently received Global Investor magazine’s Middle East Award at the magazine’s Third Annual Awards and Survey. This is the first year that the international finance magazine Global Investor has extended the award to include the MENA region.... [read]
  • Tanmeyah Opens First Microfinance Branches
    AME Info | 8 September 2009 | Arabic
    Finance Unlimited, a platform company of Citadel Capital, has announced the first branch openings and start of operations at Tanmeyah. Tanmeyah, in partnership with the Egyptian Gulf Bank, opened 15 branches in July and issued loans worth EGP 8,091,000 to 1,669 clients in its first month of operation. Tanmeyah’s Executive Chairman Amr Abouesh and Citadel Capital Managing Director Ahmed El Houssieny are quoted extensively. ... [read]
  • NRTC Enters Sudanese Market
    MENAFN | 7 September 2009 | Arabic
    The National River Transportation Company (NRTC), a Platform Company of Citadel Capital, has entered the promising Sudanese market through the purchase of 51% of Keer Marine via Regional Investments Holding. On 14 January 2009 a deal was signed for NRTC to buy 20 river barges and pushers as well as two strategically located pieces of land on which it will build a river port and a storage facility. Hisham El-Khazindar is quoted saying that Citadel Capital’s strategy is to strengthen its position Egypt and then expand in geographically similar regions.... [read]
  • Heikal: Fiche we Tashbih Interview Part 2
    Al Bashayer | 6 September 2009 | Arabic
    Citadel Capital Chairman and Founder Dr. Ahmed Heikal sat with presenter Lamees El-Hadidi for her Ramadan 2009 talk show “Fiche we Tashbih.” Part 2 of 2... [read]
  • Heikal: Fiche we Tashbih Interview Part 1
    Al Bashayer | 6 September 2009 | Arabic
    Citadel Capital Chairman and Founder Dr. Ahmed Heikal sat with presenter Lamees El-Hadidi for her Ramadan 2009 talk show “Fiche we Tashbih.” Part 1 of 2... [read]
  • Citadel Capital Co-Founder Appointed To Egypt-US Business Council
    Al-Mal | 4 August 2009 | Arabic
    Minister of Trade and Industry Rachid Mohamed Rachid has named a new Head and Egyptian contingent for the Egypt-US Business; the Ministry announced the names of the council’s new board members today. New members include Hisham Al-Khazindar, Managing Director and Co-Founder of Citadel Capital.... [read]
  • Egypt: Still North Africa’s Bright Spot
    Emerging Private Equity | July / August 2009 | English
    After a few years of rapid economic growth, Egypt’s economy has slowed over recent times. But the country’s private equity firms remain confident that its opportunities are sound and offer tremendous future potential. Citadel Capital Managing Director Marwan Elaraby is quoted discussing the Egyptian economy and the banking sector. Story also discusses Citadel Capital’s investments in the agrifoods sector.... [read]
  • Citadel Capital: Food Industries Are the Best Investment During Crises
    Emarat Al-Youm | 28 July 2009 | Arabic
    Citadel Capital Managing Director and Co-Founder Hisham El-Khazindar speaks with leading daily Emarat Al-Youm about the firm’s strategy and its platform investments in 14 countries across the region.... [read]
  • IFC Invests US$ 24 mn in ASEC Algeria
    Al Mal | 2 July 2009 | Arabic
    The investment will be used for construction of a new cement plant to be built by ASEC Algeria. Abdalla ElEbiary, Managing Director at Citadel Capital, is quoted. ASEC Algeria is a portfolio company of ASEC Cement, Citadel Capital’s platform company for investments in the regional cement industry.... [read]
  • Is Gozour Headed for Africa?
    Al Alem Al Youm | 29 June 2009 | Arabic
    Interview with Gozour CEO Mohamed El-Rashidi tackles possible acquisitions in Africa, the Enjoy deal, recent challenges in the food industry and Enjoy’s potential for growth.... [read]
  • NRTC Secures Loan to Finance Fleet Construction
    Zawya | 14 July 2009 | English
    National River Transportation Company (NRTC), one of Citadel Capital’s transportation and logistics Platform Companies, announces it has obtained an EGP 325 million syndicated loan to assist in the financing of part of its planned fleet of over 90 state-of-the-art, environmentally friendly river transport barges. ... [read]
  • EGB Partners with Citadel Capital on Microfinance
    Daily News Egypt | 3 July 2009 | English
    The Egyptian Gulf Bank’s CEO discusses the bank’s microfinance partnership with Citadel Capital portfolio company Tanmeyah as well its exploration of the mortgage finance industry.... [read]
  • Gozour Acquires Egypt’s Enjoy
    Zawya | 27 June 2009 | Arabic
    Gozour, Citadel Capital’s platform company in the regional agriculture and foods industry, has acquired Enjoy in an EGP280 million deal, including Enjoy’s debt restructuring.... [read]
  • All in Good Taste
    Business Today Magazine | 13 April 2009 | English
    Designopolis brings some of the world’s high-end furniture stores to Egypt and plants them all in one spot. The concept of creating a specialized home furnishings destination in Cairo began three years ago, says Mohsen El-Sehrawy, commercial director of Bonyan for Development and Trade, a platform company of Citadel Capital and the developer of Designopolis.... [read]
  • Sphinx Fund Gives Bankers Hope
    Alem Al Mal | 12 April 2009 | Arabic
    The author writes that the launch of the Sphinx Turnaround Fund, a US$ 100 million fund sponsored by Citadel Capital to target opportunities among Egypt’s SMEs, has sparked new hope among bankers eager to sell distressed assets with turnaround potential.... [read]
  • Citadel Capital Sees Opportunities in Iraq
    The Guardian (Reuters interview) | 27 March 2009 | English
    In an interview with Reuters, Citadel Capital Chairman and Founder Ahmed Heikal is quoted as saying, “We’re looking … we’re exploring investment opportunities in Iraq for oil and gas.” Heikal says the firm sees opportunities to invest in Iraq’s oil and gas sector and in the mining, agriculture and retail sectors in select areas of Africa. ... [read]
  • Transactions in the Middle East Beat Trend and Remain Stable Despite Debt Drought
    Financial News (Online Edition, Dow Jones publication) | 16 March 2009 | English
    Citadel Capital’s US$ 1.4 bn sale of Egyptian Fertilizers Company is noted as the biggest deal — and the only transaction worth more than $1 billion in the region.... [read]
  • Private Equity Players Should Protect Existing Ventures
    Gulf News | 11 March 2009 | English
    Citadel Capital Managing Director and Co-Founder Hisham El-Khazindar discusses how private equity players are “focusing on protecting existing investments this year, rather than on drawing on capital to fund new investments.” Hisham is quoted as saying the firm “has invested over $1 billion in improving existing companies in its investment portfolio, including add-ons or expansions.” He adds that “Citadel’s strategy in 2009 will be to make smaller, more phased investments, which would require a minimal initial outlay but with the potential to be developed over phases.”... [read]
  • “Grow the Top Line Fast” is the key
    Financial Times | | English
    Citadel Capital Chairman and Founder Ahmed Heikal outlines the firm’s growth strategy for the Financial Times... [read]
  • Winning the Private Equity Game
    Institutional Investor | June 2008 | English
    Ahmed Heikal explains how Citadel Capital transforms national companies into regional players... [read]
  • Citadel Capital Launches a New Fund to Attract Gulf Investments
    Al-Raya (Kuwait) | | Arabic
    Ahmed Heikal, Citadel Capital’s Founder and Chairman, on why the firm decided to raise its first permanent fund... [read]