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.
- 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.... [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
Arabic.cnn.com | 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
Alhram.org.eg | 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
Alarabiya.net | 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
AMEinfo.com | 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
Alittihad.ae | 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 Dostor.org | 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
Alwasatnews.com | 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
Masrawy.com | 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
Menafn.com | 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]