AMENDED 19 JULY FOREWORD

The declaration of the G8 of May 2011 pertaining to the Arab Spring states in its first article: «The changes under way in the Middle East and North Africa (MENA) are historic and have the potential to open the door to the kind of transformation that occurred in Central and Eastern Europe after the fall of the Berlin Wall. The aspiration of people for freedom, human rights, democracy, job opportunities, empowerment and dignity, has led them to take control of their own destinies in a growing number of countries in the region. It resonates with and reinforces our common values ».

Indeed, the wind of change that will embrace the region in the months and years ahead will be momentous and far-reaching. Those countries that have engaged in democratic transitions must resolutely work out economic and social programs that will address the pressing challenges facing their young population viz. unemployment, poverty, and inequitable distribution of income. The expectations of their youth are high, and unless a level of prosperity, or at least anticipation thereof, is achieved the prospect for democratic transition and consolidation may be in jeopardy. In order to accelerate economic growth they must resolutely embark on ambitious investment programs particularly in the labour intensive sectors of the economy. They must also work out intelligent schemes to promote private initiatives and professionalize the business environment in their respec- tive markets. One of the virtues of democracy, if properly pursued, is that it promotes enhanced conditions for private entrepreneurship. In particular, can and should play a crucial role in the MENA region as it contributes in the professionalization of the investment climate, the development of SMEs and the acceleration of job creation.

Bar a few exceptions Private Equity remains nascent in the MENA region. The industry remains, by and large, in its infancy throughout the region. The potential is therefore tremendous not only in the traditional areas of private equity such as venture, development or transmission capital but also in other segments of professional investments (e.g. Industry-specific investment funds).

The promotion of Private Equity in MENA will require setting up proper regulatory, legal, judicial and fiscal frameworks while enhancing human capital. It stands a better chance to prosper in those markets where stock exchanges are strong so as to facilitate the formulation and execution of exit strategies. With the right environment and support, private equity and can help facilitate a flourishing business environ- ment, and will also ultimately contribute in the emergence of a new generation of highly professional and motivated entrepreneurs in the country.

Jaloul Ayed Minister of Finance Tunisia REPORT STEERING COMMITEE

» Ali Arab, Zawya » Samer Sarraf, Amwal Al Khaleej » Purshotam Ramchandani, Abraaj Capital » Helmut Schuehsler, TVM Capital » Imad Ghandour, Cedar Bridge Partners » Karim Ben Salah, Swicorp

SPECIAL THANKS

Special thanks go to our sponsors. Without their support, the development of this report would not be possible.

REPORT SPONSORS: » Abraaj Capital » Amwal AlKhaleej » Eastgate Capital Group » Global Capital Management » NBK Capital » Qatar First Investment Bank » Swicorp » Tuninvest

KPMG Team: Zawya Team: Ali Arab and Lara Ghibril Thomas Schellen Bureau van Dijk: Paul Costers and Amy Morris table of contents

01. important notice 04 1.1 Basis of Preparation 1.2 Definitions & Assumptions 1.3 Data Filtering 02. Introductory Messages 07 03. Private Equity in the MENA Region 10 3.1 Summary 3.2 Funds 3.2.1 Funds raised to date 3.2.2 Funds yet to be raised 3.2.3 Total active funds 3.3 Investments 3.3.1 Information limitations 3.4 Deployment of Funds 3.5 Regional focus 3.6 Sector focus 3.7 Exits 04. Survey of GPs of the MENA Region 27 4.1 Introduction 4.2 Survey results 4.2.1 Respondent profile 4.2.2 Outlook 4.2.3 Types of funds raised 4.2.4 Regions and sectors of interest 4.2.5 The impact of the financial crisis 05. About the Mena Private Equity 43 Association 06. Sponsor Profiles 45 07. Members Directory 56 08. Private Equity & Venture Capital Firms 58 in MENA 1 important notice Important Notice Annual Report

1 Important Notice 1.1 Basis of preparation

This report has been prepared based on data provided by the MENA Private Equity Association, and sourced from the Zawya Private Equity Monitor.

Historical data has been updated from that used in the 2009 GVCA report to include full year results for 2010 and to reflect increased disclosure of information in the market. KPMG member firms have not initiated any primary research in relation to this draft report and have not sought to establish or confirm the reliability of the data pro- vided by the MENA Private Equity Association and Zawya.

The information contained herein is of a general nature and is not intended to address the circumstances of any particular individual or entity. Although we endeavor to provide accurate and timely information, there can be no guarantee that such information is or will continue to be accurate. No one should act on such information without appropriate professional advice after a thorough examination of the particular situation.

In analysing and determining the parameters of available data, it has been necessary to apply certain criteria, the most significant of which are as follows:

»» Private equity has been defined to include houses that have a General Partner / Limited Partner structure, investment companies and quasi-governmental entities that are run by, and operate in the same way as, a private equity house.

»» Venture capital for the purpose of this report is defined as a fund specifically dedicated to venture capital investments. This includes funds by Venture Capital Firms, and Venture Funds under Private Equity Firms. This Association is in the process of developing a definition to define Venture Capital in MENA. Accordingly, future references to Venture Capital may change.

»» Funds managed from MENA but whose focus is to invest solely outside the region are excluded from the fun- draising and investment totals.

»» MENA includes Algeria, Bahrain, Egypt, , Jordan, Kuwait, Lebanon, Libya, Morocco, Oman, Palestine, Qa- tar, , Sudan, Syria, Tunisia, UAE, and Yemen.

»» Investment size represents the total investment (both the debt and equity portions). However fund size only considers equity invested, as we have no visibility on debt exposure by funds.

»» The fund raising totals are the amounts closed/committed for fund raising funds, closed funds, investing funds, fully vested funds and liquidated funds.

»» Given the relative nascent state of the industry in MENA, exits have been defined to include partial exits, al- though simple dilutions have not been included.

5 Important Notice Annual Report

1.2 Definitions and Assumptions

For analytical purposes, we have considered the following types of funds, as defined by Zawya’s Private Equity monitor:

»» Announced: Official launch of funds which are yet to commence fund raising. »» Rumoured: Funds expected to announce their intention to commence fund raising. »» Fund raising: Funds which have been announced and are in the process of raising capital. »» Investing: Funds which have closed and are actively seeking and/or making investments. »» Fully vested: Funds that have invested all capital raised. Some of the investments may have divested in this stage but not all. »» Liquidation:Funds which have divested all investments and have fulfilled all obligations to shareholders. 1.3 Data Filtering

The primary data sourced from Zawya has been filtered according to the definitions used in the Emerging Markets Private Equity Association (EMPEA) research methodology.

In particular we have used the following definitions:

Fund Size: In the case of funds yet to make a first close, or where no close information is available, fund size is equivalent to the target amount, and is noted as such. For funds achieving at least one official close, fund size is reported as the capital raised to date, while for funds that have made a final close, the fund size is the total capital raised. All amounts are reported in USD millions. Rumoured funds are excluded.

Currency: Where funds data has been provided in a currency other than USD, exchange rates applied are from the last day of the month in which each close is reported, e.g. first close reported in € on 15 April 2010 would be calculated using the exchange rate for 30 April 2010, taken from publicly available sources.

Funds of funds or secondaries are excluded.

Region: Statistics are based on the ‘market’ approach and funds are categorised based on the intended destination for investments (as defined in a fund’s announced mandate) as opposed to where the private equity firm is located. With regard to multi-region funds, we have included these to the extent that there is a focus on the MENA region. EMPEA methodology is to include only those multi-region funds whose primary intention is to invest in emerging markets. However, the source data does not provide visibility on primary geographic intention.

Funds established with a specific mandate to invest in real estate are excluded from the fundraising, investment and exit totals. The remaining real estate investments relate to funds with mixed investment mandates.

Conventional infrastructure funds, or funds investing directly in greenfield infrastructure projects (e.g. bridges, roads etc.) are excluded from fundraising totals. However, funds that make private equity investments (determined based on target returns) in companies operating in the infrastructure sector are included.

EMPEA does not track or report other alternative asset classes, including hedge funds, real estate funds and con- ventional infrastructure funds. In our analysis we have excluded data from investment-type companies, real estate firms and Sovereign Wealth Funds (SWFs have not been included in the current year analysis).

6 2 introductory messages Introductory Message Annual Report

2 INTRODUCTORY MESSAGE

The region is increasing in its dynamism. Its youth have led over the past several months (mostly) positive and peaceful political changes that have radically transformed many countries in the region. The same energized youthful population is also taking control of their economic destiny as well with a surge in entrepreneurship, startups, and venture capital activity. The number of VC deals last year increased over the past two years, and continued growth in this area is expected.

Artificial regional boundaries are also starting to slowly fade away after decades of political fragmentation. Social connectivity and a realization of the need for unity are translating into political and business integration at both grass root and governmental levels. Since 2005, in the wake of the economic boom, increasing cross-border flow of labor, trade, and capital have brought many of the people in the region closer. And the recent political events have proved, beyond doubt, that such integration has progressed further than what most of us have realized: a political event Tunisia has snowballed across a region that shares similar values, challenges, and aspirations. The announcement of expanding the Gulf Cooperation Council to include Morocco and Jordan is another example of the materialization of regional integration.

The birth and evolution of the MENA Private Equity Association (MPEA) epitomize the positive shifts in the region. During its first year, it proved to be an active and constructive facilitator amongst industry participants. It was able to attract 21 members from across the region. It was also able to bridge the gap between the entrepreneurial venture capitalists and the sober private equiteers, allowing both factions to use it as a platform for their activi- ties. It was able to bring in service providers and engage them, without diluting its mission and membership base. It was constructed to be a loose association linked by technology without the rigidity of boards and committees.

These trends will have long-term positive impact on private equity activity. An enlarged common market inhab- ited by a more dynamic population means better investment opportunities. The private equity industry may be pausing to reflect on these changes of 2011. However, it is a pause to see how to clutch on the emerging opportu- nities whilst avoiding short-term risks.

The 2010 Annual Report Steering Committee:

Ali Arab, Zawya Helmut Schuehsler, TVM Capital Fadi Arbid, Amwal AlKhaleej Imad Ghandour, Cedar Bridge Partners Purshotam Ramchandani, Abraaj Capital Karim Ben Salah, Swicorp

8 KPMG Introductory Message Annual Report

KPMG INTRODUCTORY MESSAGE

report on the private equity and venture capital industries in the Middle Eastern and North African regions. Over the past two to three years, the private equity industry within the region has seen a significant transforma -

invest and, in some cases, successfully raise capital in what has been a very challenging environment.

While the industry in 2010 may not have recovered at the rate that was expected, there were signs that the industry within the MENA region may be on the road to recovery. For example, 2010 saw an increase in funds

region. Whilst we recognise the risks posed by the current unrest in some parts of the region, we as a firm remain

We would like to note that this report would not have been possible without the efforts of Zawya, the MENAPEA

in this part of the world.

Dale Gregory Partner Tel: +971 (0) 4 403 0300; Email: [email protected]

member firms around the world. KPMG in the UAE was established in 1974 and has grown to 900 professional staff led by 30 Partners, across 8 offices in the country. We work closely with our colleagues in offices throughout the MENA region and across the world.

9 3 Private Equity in the MENA Region Private Equity in the MENA Region Annual Report

3 PRIVATE EQUITY IN THE MENA REGION 3.1 SUMMARY

Towards the end of 2010, the private equity industry in the MENA region began to show signs of recovery from a

billion from $1.1 billion in 2009 and the value of funds announced, although yet to close, reached $4 billion (up from $1.1 billion in 2009).

* We have presented the 2010 total transaction value above both including and excluding Abraaj’s acquisition of Network International for approximately $540 million. We have excluded this transaction from the remaining analysis in the report in order to remove the potential distortionary impact of this major transaction. We also note that 2007 excludes the distortionary impact of the $2billion investment in Egyptian Fertilizers Company. Source: Zawya Private Equity Monitor

The report is based on data gathered prior to the pro-democracy events that were triggered in some countries in

-

prices should be discounted to reflect the inherent risks.

11 Private Equity in the MENA Region Annual Report

2010 also saw significant growth in the venture capital industry. Five separate venture or funds successfully raised $430 million (representing an increase from zero funds raised in 2009 and approximately $129 million in 2008). For the first time, the proportion to the total was significant: it represented 26 percent of the total funds raised and approximately 50 percent of investments completed.

As in previous years, the core regional economies of Saudi Arabia, Turkey, Egypt, and UAE were the destination of the majority of the investment. In response to the economic environment, fund managers have continued to focus on investing in defensive and non-cyclical sectors such as healthcare and power and utilities. In line with this trend, we are seeing more focused investment strategies adopted by some fund managers.

12 Private Equity in the MENA Region Annual Report

3.2 FUNDS

3.2.1 FUNDS RAISED TO DATE

9

Source: Zawya Private Equity Monitor

confidence may be returning to the investor community.

2010 saw eight funds successfully raise capital totaling $1.4 billion. In contrast to the industry peak in 2007 and -

Source: Zawya Private Equity Monitor

successfully raised capital during 2010.

13 Private Equity in the MENA Region Annual Report

MAJOR FUNDS RAISED IN 2010

Year of ITS Funds Raised Fund Name Fund Manager Investment Focus Announcement (USD m) (USD m) EVI Capital Buyout Fund EVI Capital Partners Buy out 2010 400 320

EVI Capital Mezzanine Fund EVI Capital Partners Mezzanin Capital 2010 400 320 DB Masdar Clean Tech Fund Masdar Venture Capital, DB Energy and Power 2010 n.a 265 Climate Change Advisors Abraaj-Riyada Enterprise Abraaj Capital Growth Capital 2010 500 250 Development Growth Capital Fund Intaj Capital II Swicorp Growth Capital 2010 300 90

Shefa MENA Health Fund TVM Capital MENA Growth Capital 2010 100 40

Abraaj Capital Growth Capital 2010 50 40

Middle East Venture Fund Middle East Venture Part- Venture Capital 2010 20 10 ners Gulf Capital Equity Partners II Gulf Capital Buy out 2008 533 57 Total 2,303 1,392 Source: Zawya Private Equity Monitor

Of the new funds announced in 2010, eight were successful in raising capital totalling $1.3 billion while one fund, - lion).

specific investment focus such as Energy and Power. The sizes of these funds typically range between $100 million and $350 million.

Of the eight funds announced and closed in 2010, the amounts raised represented just 52% of the total Intended

that a further 10 funds with a total ITS of $4 billion were announced in 2010 but did not yet make a first close.

based in South Africa. The two funds covers Africa and MENA regions, but they, given the posture of their manager, are more inclined towards African investments.

14 Private Equity in the MENA Region Annual Report

Source: Zawya Private Equity Monitor

prevalent during the market peak in 2007 and 2008, towards smaller, more focused funds. All of the funds which were successfully launched and closed in 2010 were less than $350 million in size. By contrast, 15 funds exceeding $500 million in size were successfully raised during 2007 and 2008.

Source: Zawya Private Equity Monitor

Some sectoral funds emerged in 2009 and 2010 in healthcare, power and energy. This together with the rise of

the fund landscape prior to 2009.

15 Private Equity in the MENA Region Annual Report

3.2.2 FUNDS YET TO BE RAISED

Source: Zawya Private Equity Monitor

The above graph and the table following detail the major announced funds which are yet to make a first close. 23 funds announced prior to 2009 are yet to make a close. It is becoming increasingly unlikely that all of these funds will ever reach a successful closure.

We note that 2010 saw a significant increase in the funds announced which are yet to make a close, including two

16 Private Equity in the MENA Region Annual Report

MAJOR FUNDS YET TO MAKE A CLOSE

Investment Year of ITS Status Fund Name Regional Focus Focus Announcement (USD m) Announced Mahaseel Agriculture Growth Capital Egypt, Sudan 2010 1,000 Investment Fund

Announced KIPCO Opportunity Fund Buyout Levant, MENA 2010 1,000 Fund Raising EMP Energy Fund Buyout MENA, GCC 2007 1,000 Announced Amwal Fund III Growth Capital MENA, Saudi Arabia 2010 500 Announced Al Masah MENA Private Buyout MENA 2009 500 Equity Fund Fund Raising Citadel Capital Joint Invest- Buyout MENA 2008 500 ment Fund Fund Raising MerchantBridge- UBS Pri- Buyout MENA 2008 500 vate Equity Fund Fund Raising Invest AD Private Equity Growth Capital MENA 2009 400 Partners II L.P. Fund Raising MENA Private Equity Fund Balanced Fund GCC 2008 400 Buyout MENA 2007 354 Announced Pharos Miro Agriculture Buyout Africa 2010 350 Fund Announced Pharos Miro Timber Fund Buyout Africa 2010 350 Fund Raising The Marshall Fund Growth Capital Iraq 2008 300 Other Various Various Various Various 1,988 Total 9,142

Source: Zawya Private Equity Monitor

17 Private Equity in the MENA Region Annual Report

3.2.3 Total active funds

Source: Zawya Private Equity Monitor

The total size of all active funds in the market in 2010 (both raised and yet to be raised) was approximately $33 billion, of which $22 billion has been raised.

Of the 120 or so active funds in the market in 2010, 37 have been announced but are yet to make a close (with a total ITS of $9.4 billion). Of these 37 funds, 23, with a total ITS of $4 billion, were announced prior to 2009. Again, it is becoming increasingly unlikely that all of these funds will reach a successful closure.

18 Private Equity in the MENA Region Annual Report

3.3 INVESTMENTS

3.3.1 INFORMATION LIMITATIONS

Furthermore, in some cases where investments are publically announced, private equity houses have not revealed

42 for analysis purposes based on available market intelligence.

the fund.

3.3.2 INVESTMENTS MADE TO DATE

*See note on Page 11 Source: Zawya Private Equity Monitor

2010 saw a further decline in the number and value of investments, although the last quarter of 2010 showed an

companies.

19 Private Equity in the MENA Region Annual Report

-

growth capital focus.

-

financial crisis.

TOP 10 TRANSA BY VALUE

Fund Region Sector (USD m) Greater than $10 m UAE Financial Services >10

UAE >10

UAE >10 Development LLC (Newton Schools) Pro Vita UAE Health Care >10

United Kingdom Health Care >10 Teshkeel Media Group Kuwait Media >10 Less than $10 m Farming and processing Egypt Agriculture <10

E3 UAE <10 OMS Egypt <10 United Kingdom Telco <10 Sukuk Wadi Holdings Egypt Agriculture <10

Source: Zawya Private Equity Monitor

the World Bank Group.

20 Private Equity in the MENA Region Annual Report

The average size of an investment continued to decline in 2010 to $11 million from $36 million in 2009. Of the known transaction values, the vast majority were less than $20 million.

While limited access to and the increased cost of financial leverage continues to restrict the ability of funds to complete large transactions, the private equity industry is showing an increasing appetite for investing into SMEs and venture capital businesses.

21 Private Equity in the MENA Region Annual Report

3.4 DEPLOYMENT OF FUNDS

» » widen the gap further. » life of the fund. » Source: Zawya Private Equity Monitor

When analysing the level of deployed funds in the MENA region, it is important to reiterate that a significant por-

We also note that the level of available funds largely depends on the fund managers’ ability to call on the amount of funds raised. Nevertheless, it appears as though the fund raising cycle is running well ahead of the deployment

have grown to several billion dollars since 2006.)

22 Private Equity in the MENA Region Annual Report

3.5 REGIONAL FOCUS

46%

Source: Zawya Private Equity Monitor

-

known value of $6.3 billion.

Source: Zawya Private Equity Monitor

-

23 Private Equity in the MENA Region Annual Report

Source: Zawya Private Equity Monitor

Turkey, in line with Egypt, enjoys the benefits of a large and fast-growing population, strong local demand, and proven resilience to the global financial crisis. However, political uncertainty around the region continues to have a short-term negative impact on investor sentiment.

While the portion of investments in Saudi Arabia increased year on year from 2007 to 2009, only one private eq- uity transaction was completed in the country in 2010. However, given the size of the economy in Saudi Arabia (the largest economy in terms of GDP in the Middle East), the country is expected to benefit from relatively significant private equity investment in the years to come.

The UAE continues to be a popular destination for fund managers and, given the size and dynamic nature of the economy, it is expected to remain amongst the top destinations for years to come. 3.6 sector focus

Source: Zawya Private Equity Monitor

Based on investment value, the most attractive sectors in 2010 were the healthcare and power and utilities sectors which collectively accounted for 57% of the total transaction value ($84 million of the total $148 million).

24 Private Equity in the MENA Region Annual Report

Source: Zawya Private Equity Monitor

The proportion of investments attributable to sectors such as healthcare and power and utilities has increased in recent years as investment strategies have increasingly focused on those non-cyclical, resilient sectors. However, as expected, sectors most heavily impacted by the global financial crisis such as real estate, construction and fi- nancial services have fallen behind.

The healthcare sector is one sector in particular which saw a significant increase in the proportion of investment value in 2010. The healthcare sector is vast and made up of many different industries from pharmaceuticals to hos- pitals. This sector continued to benefit not only from a growing population in the MENA region, but also a growing middle class with increasing ability to invest in healthcare services. It is also generally considered to be a sector relatively unaffected by the economic downturn and, in some countries in the region, benefits from an increasing scope of obligatory employer health insurance.

The power and utilities sector continued to see a good level of deal activity in 2010. This is primarily owing to the demographic and economic prospects coupled with government initiatives for major energy investments such as renewables. Similar to the healthcare sector, the increase in population will result in increased demand for power and electricity in the region. Privatisation projects also provide investment opportunities for the region’s numer- ous infrastructure funds.

25 Private Equity in the MENA Region Annual Report

3.7 exits

Source: Zawya Private Equity Monitor

Similar to the data limitations mentioned previously in relation to investments, a significant portion of private equity divestments are either unannounced or, where the divestment is announced, in many cases the value is undisclosed. As a result, we have focused on analysing the number of divestments as opposed to the total value.

2009 saw a significant decline in the number of divestments compared to prior years. This was largely driven by a decrease in multiples together with a lack of stock market liquidity. However, we note that 2010 saw the number of exits increase to ten from six in 2009. Private to private sales were the most popular exit strategy as IPOs con- tinued to be challenging.

26 4 Survey of GPs of the MENA region Survey of GPS of the MENA Region Annual Report

5 SURVEY OF GPS OF THE MENA REGION 4.1 INTRODUCTION

first quarter of 2011 with the aim of obtaining a greater understanding of the private equity environment in the

- parisons are made for previous years, these comparisons refer to earlier GVCA surveys.

METHODOLOGY

MENA region (including the top 10 PE houses based on funds under management). The firms surveyed have invest- ments in a breadth of industries with a wide geographical reach.

SCOPE OF THE SURVEY

and outlook for 2011.

PROFILE OF THE RESPONDENTS The majority of the respondents established their private equity firms within the last five years with approximately

54 percent of responding firms have less than $500 million worth of assets under management.

FUTURE OUTLOOK

managers in the region.

Consistent with what is seen in the 2010 data when the average size of funds raised was approximately $160 mil- lion, 71 percent of the respondents believe that the average size of the funds raised in 2011 will be less than $250 million. Many respondents believe that the notable resurgence in growth capital and increased focus on venture

areas of focus will prove to be the most popular.

28 Survey of GPS of the MENA Region Annual Report

4.2 survey results

4.2.1 rEspondent profile

When was the company Established?

Of the 25 private equity firms in the MENA region who took part in the survey, six were established in the last two years (with 16 established in the last 5 years). This reflects the nascent nature of the industry in the region compared to more developed markets such as the US and European markets. It is interesting that three of the respondents were set up in the last year, despite the challenging environment.

Who owns the fund management company?

Of the respondents, 71 percent stated that management hold, at least, some ownership in the fund management company with 38% majority owned by management.

29 Survey of gpS of the mena Region annual Report

how many funds have you managed since establishment?

Given the relatively young age of the private equity industry in the region, it is not surprising to see the vast major- ity of respondents (67 percent) having managed just one or two funds to date.

What is the total value of assets under management?

54 percent of responding firms have less than $500 million worth of assets under management.

30 Survey of GPS of the MENA Region Annual Report

How many companies are there in your portfolio?

Given the relatively young age of the private equity industry in the region, it is not surprising to see the vast majority of respondents (67 percent) having managed just one or two funds to date.

4.2.2 Outlook

What is most important for a PE firm to win a deal?

As with all jurisdictions, the existence of a good network is seen by a large portion of respondents (37 percent) as the most important attribute required to successfully complete acquisitions. However, management and operational expertise together with an ability to be flexible as to the terms of the acquisition are considered by many to be the most important.

31 Survey of GPS of the MENA Region Annual Report

During 2010, how do you view the entry multiples?

Based on the responses from the survey, the general sentiment held by fund managers is that there is still a dispar- ity or expectation gap between sellers and investors in relation to the valuation of investments. The majority of respondents believe multiples are still too high.

What led to the recent decline in deal numbers in 2010?

One of the main reasons underlying the lack of deal activity was the lack of alignment between buyers and sellers around valuation. Another main reason was a lack of leverage, and for 25% of GPs, LPs not being able to meet commitments was a factor.

32 Survey of GPS of the MENA Region Annual Report

Participants were asked to express their opinion about the future of private equity in the MENA region.

Do you expect the economic situation to: (Improve/Decline/Status quo/Unclear)?

Respondents were fairly optimistic with 54 percent believing the economic situation will improve and only 4 percent believing that the economic situation will decline.

What will be your target IRR in 2011?

In line with the responses from the survey last year, 63 percent of fund managers are targeting an IRR between 20% and 29% (compared to 64 percent from the 2009 survey).

Although the number of exits is expected to increase over the next two years as fund managers seek to realise a return from their investments, any further delay may make it difficult for private equity firms to achieve their target IRRs.

33 Survey of GPS of the MENA Region Annual Report

What will be the most attractive exit routes during 2011?

While IPOs continue to be seen as challenging, trade sales are considered to be the most attractive exit strategy according to 75 percent of respondents (an increase from 64 percent of respondents in our last survey). It is in- teresting to note that just 13 percent of respondents believe that sales to other private equity firms will be the most attractive exit option in 2011, suggesting that the secondary market is still not as developed as it is in other regions.

34 Survey of GPS of the MENA Region Annual Report

How many entry deals do you expect to see in 2011?

The expectation of the vast majority of respondents is for deal activity to remain relatively quiet in 2011.

What types of deals are expected to take place in 2011?

As previously discussed, there has been a significant increase in the portion of growth and venture capital invest- ments made by private equity firms in the region in 2010. In line with the opportunity set in the market, most GPs expect growth capital investments to continue to be popular in 2011.

35 Survey of GPS of the MENA Region Annual Report

In your opinion, what will be the average deal size in 2011?

The largest portion of respondents (46 percent) believe that the average deal size in 2011 will be between $20 million and $40 million. This represents a marginal increase versus the actual average deal size in 2010 of approxi- mately $11 million (based on the available transaction values).

How many funds do you expect to be launched/raised in 2011?

Despite eight funds successfully raising capital in 2010, the majority of respondents believe that fewer than five funds will successfully raise capital in 2011.

36 Survey of GPS of the MENA Region Annual Report

In your opinion, what will be the main source of funds for new funds launched in 2011?

The majority of respondents (63 percent) expect funds to come from within the region from institutional investors, high net wealth individuals and Sovereign Wealth Funds.

However, we note that 29 percent expect international investors to be the main source of new funds. This means that PE Houses perceive international institutional investors as the second most promising financing source in 2011 after regional institutional investors and suggests an underlying perception that international investors are seeing value and seeking opportunities to invest in the region.

In your opinion, what will be the holding period of investments completed by PE firms?

58 percent of respondents believe that firms will hold onto investments for more than four years which suggests the traditional investment period may be increasing.

We note, however, that the global economic downturn has seen private equity firms delay exits in order to maxim- ise returns and, therefore, this may be a short-term response.

37 Survey of GPS of the MENA Region Annual Report

How many exit deals do you expect in 2011?

Half of the respondents believe that deal activity will continue to be slow with fewer than five exits expected in 2011.

In 2011…

While 75 percent of respondents express their confidence that LPs will be able to meet their expectations in 2011, this is despite an expectation that deal values will not come down.

38 Survey of GPS of the MENA Region Annual Report

What are the main challenges in 2011 for MENA Private Equity Industry?

40 percent of respondents believe that at lack of quality investment opportunities and the prevalence of high valu- ations will be the major challenges to the industry in the MENA region.

What is the most important role of PE firms in their portfolio companies?

PE firms themselves see it as their most important roles to provide both operational and strategic planning ad- vice and support to their portfolio companies. This is a departure from the 2009 survey in which 32 percent of respondents named providing financial advice and support as the most important role.

39 Survey of GPS of the MENA Region Annual Report

In 2011…

If respondents were to launch a new fund, growth capital would be the most attractive investment focus for 46 percent of them (which would represent an increase from the 25 percent of actual funds raised in 2010 which had a growth and venture capital focus). In terms of target markets, the majority of fund managers expect to market a new fund to predominantly regional investors. In correlation to the PE houses’ expectations on likely sources of new funds, regional institutional investors and international institutional investors are named by 58 percent as target markets.

In your opinion, what will be type of funds raised in 2011?

There has been a notable resurgence in growth capital and increased focus on venture capital over the last two years. The preference for growth and venture capital over the buy-out model reflects the opportunities in this particular space.

Infrastructure funds are also expected to be a relatively popular option going forward as the industry hopes to cap- italise on the significant infrastructure expenditure and privatization programmes planned in the coming years.

40 Survey of GPS of the MENA Region Annual Report

4.2.4 Regions and sectors of interest

The GCC, Jordan, Egypt and North Africa are specific regions of focus for the respondents going forward. Reasons frequently cited for PE investor interest in those markets include the large population growth, growing middle class and the level of anticipated government spending. However, we note that the survey was completed prior to the recent developments in the political situation in the region and therefore may not necessarily capture the current sentiment of investors.

We also note that Lebanon saw an increase in deal activity in 2010 and, according to the respondents to the sur- vey, remains an attractive market going forward.

The focus in 2010 was clearly on defensive sectors such as healthcare which are seen to offer non-cyclical low risk income streams. From the responses to our survey, this focus on defensive sectors continues to be a popular investment strategy going forward.

41 Survey of GPS of the MENA Region Annual Report

4.2.5 The impact of the financial crisis

How did the economic turmoil affect your portfolio companies?

While it is expected that margins, sales and profits would be impacted by the global recession, it is interesting that approximately one quarter of respondents said that the economic downturn had no effect on their portfolio companies.

We do note, however, that a number of responding fund managers have had to reassess their strategies with 13 percent of respondents having delayed or cancelled new expansion or investment plans and 8 percent having delayed IPOs.

42 5 About the Mena Private Equity Association About the Mena Private Equity Association Annual Report

MENA PRIVATE EQUITY ASSOCIATION

The MENA Private Equity Association is a non-profit entity committed to supporting and developing the private equity and venture capital industry in the Middle East and North Africa.

The Association aims to foster greater communication within the region’s private equity and venture capital net- work and facilitate knowledge sharing in order to encourage overall economic growth, and will actively promote the industry’s successes to local stakeholders and build trust with investors, regulators and the public regionally and internationally.

www.menapea.com

44 6 Sponsor Profiles Sponsors’ Profiles Annual Report

Zawya

Over 800,000 professionals from around the world, rely on Zawya to find and connect to the right investment opportunities in the Middle East and North Africa region. Backed by our team of in-house private equity and analysts, Zawya’s PE solutions let you shape the right private equity strategy and stay ahead of regional SWF developments. Our comprehensive range of solutions provides a wide variety of unique online content, features and tools, including:

• Zawya’s Private Equity Monitor, which empowers PE professionals with the most com- prehensive coverage of the asset class, including unbiased research, in-depth analysis, and the latest news and intelligence. It allows you to gain sharp insight into private equity fund performance by comparing against similar funds, identifying potential minority interest op- portunities, as well as examining the latest transactions, rates, sizes, and IRRs. Members can also determine performance trends, compare the values of entry and exit deals, as well as gauge investor appetite by re- viewing the areas of funds being raised, closing sizes, sectors, and countries of investment. • As IPOs are a popular exit strategy for Private Equity Managers in the region, the IPO Moni- tor brings together historical analysis, activity monitoring, and a pipeline of deals for the IPO asset class. Strengthening members’ understanding the industry & market appetites, and keeping track of what lies ahead in Corporate Arabia’s quest to go public. Additionally, Zawya members can review portfolio details, identify where the bigger players are investing, and gain clear insight on the trends and behaviors of the region’s Sovereign Wealth Funds through our dedicated coverage of SWF activity. • Zawya’s Corporate Monitor service, the cornerstone of our solutions, combines the names and contact details of 120,000+ senior officers with a comprehensive database of over 14,000 public and private companies based in the Middle East. Members can build custom- ized company lists, as well as compare and contrast company profiles by sector, market size, and ownership. Simi- larly, third-party research provided in the Research Monitor offers greater understanding of the overall state of the target company’s market, sector, and macro-economic context. • With a team of on-the-ground journalists stationed throughout the region, Zawya Dow Jones Live News, an exclusive partnership with Dow Jones Newswires, delivers unique and insightful stories to help you better identify, assess and connect to the right finance and investment opportunities in the Middle East. In addition, more than 200 regional and in- ternational news sources are aggregated by our in-house editorial team, offering maximum exposure and clarity on the asset class. • The Zawya Network (ZN), our exclusive private network for premium members, offers us- ers the ability to quickly connect, engage, and transact with like-minded professionals. Forge valuable relationships, engage in variety of discussions, identify new oportunities, and tap in to the knowledge and experience of the regional and international investment community.

46 Sponsors’ profiles annual Report

abRaaj Capital

Abraaj Capital is the leading alternative asset management group in the Middle East, North Africa and South Asia (MENASA). Since inception in 2002, we have raised over US$ 7 billion and distributed almost US$ 3 billion to our investors. Based in Dubai, the Abraaj Group oper- ates nine additional offices in Amman, Beirut, Cairo, Istanbul, Karachi, Mumbai, Ramallah, Riyadh and Singapore.

The group has made more than 40 investments in 11 countries across the MENASA region and has achieved 21 exits. More than 70 world-class investment and operating profession- als work for the group. Abraaj Capital Funds have holdings in 30 companies, including some of the region’s most prominent - such as Air Arabia, the region’s leading low-cost carrier; Acibadem Healthcare Group, Turkey’s leading privately owned hospital operator; and Al Borg Laboratories, the Middle East’s biggest privately owned medical-testing laboratory company.

Abraaj Capital has won many regional and international awards, including six consecutive years as ‘Middle Eastern Private Equity Firm of the Year’ from London-based Private Equity International. Abraaj Capital was awarded the ranking of top private equity firm in emerging markets worldwide from Private Equity International in 2011.

Abraaj Capital Ltd., a member of the Abraaj Group, is licensed by the Dubai Financial Serv- ices Authority. The group is also an associate member of the European Venture Capital Association.

47 Sponsors’ Profiles Annual Report

Amwal AlKhaleej

Amwal AlKhaleej is a leading regional private equity firm which started its operations in 2005 and that has approximately USD 700 million of assets under management. It is the first and only private equity firm to be headquartered in Riyadh, Saudi Arabia. Amwal AlKhaleej also operates in Cairo and Dubai. The three-office presence staffed with local and on-the-ground experienced investment professionals provides the firm with local origination and execution capabilities. Its founders and management team also include some of the most well-known merchant names and investment professionals in the MENA region.

Amwal AlKhaleej is focused on delivering extraordinary results that are consistent, absolute, and deliver market-outperforming returns. The firm emphasizes ethics and transparency as it unlocks the long-term potential of its investments. While open to opportunities across the region, Amwal AlKhaleej focuses on sectors where it can create exceptional value and partners with regional companies that have strong, committed management teams seeking growth.

Amwal AlKhaleej specializes in taking influential minority and majority stakes in growing companies across sectors in the MENA region. It has investments in several high calibre com- panies including Rowad Schools, Gulf Insulation Group, Maritime Industrial Services, Samay Hills, Arab Cotton Ginning, Al-Tayyar Travel Group, Dubai Contracting Group, Right Angle Media and Contact Cars. The firm’s indigenous investment team is composed of internation- ally trained local talent that has a thorough understanding of the region’s business, cultural, legal and social landscapes. They also have a proven track-record for delivering high value returns, strategic growth and management support with integrity.

In addition, the firm is committed to thought leadership. Working with various academics, practitioners, and industry experts, it regularly contributes to a wide range of white papers and articles that reflect its perspective on private equity in the Middle East, and contributes to the intellectual capital of the industry.

Amwal AlKhaleej offers an “Absolute Advantage” to its partners by creating superior results that have a sweeping impact on businesses. Through teamwork and a shared vision, it gives businesses a unique advantage by designing, supporting and deploying initiatives that foster long-term value creation for its investee companies and all stakeholders. For more information please visit www.amwalalkhaleej.com

48 Sponsors’ Profiles Annual Report

Eastgate Capital Group

The Eastgate Capital Group is the private equity arm of NCB Capital and was founded in 2006. Eastgate Capital Group Limited (“Eastgate”) is regulated by the Dubai Financial Serv- ices Authority.

Eastgate’s mandate is to source, structure, and invest in attractive private equity and real estate opportunities across emerging markets, with a particular focus on the Middle East and North Africa (MENA) region. Eastgate currently has close to USD 600 million of commit- ments under management of which it has invested close to USD 300 million in 11 transac- tions across 6 countries.

Eastgate MENA Direct Equity Fund (the “MENA Fund”), the core product of Eastgate, targets Shariah compliant direct equity investments in growth companies across the MENA and Tur- key region with a particular emphasis on Saudi Arabia. The MENA Fund targets investments in less cyclical consumer-centric sectors that are expected to benefit from favourable dy- namics in the target countries while being relatively resilient to potential macro-economic shocks. The MENA Fund has made investments in the education, pharmaceutical, health- care, and gold jewellery manufacturing & distribution sectors.

Eastgate targets to create and capture outstanding value for its investors by blending crea- tive insights, exceptional talent, and capital.

49 Sponsors’ Profiles Annual Report

Global Capital Management

Global Capital Management Ltd., the alternative asset management arm of Global Invest- ment House, is a leading private equity asset management firm in the Middle East & North Africa (MENA) region managing around USD2.5billion on behalf of its clients.

Global Capital Management has one of the largest private equity teams in MENA with 30 professionals comprising 9 nationalities; providing ‘local’ perspective for deals in all target regions. The team has cumulative work experience of over 250 years ranging from private equity & venture capital, , transaction advisory, credit rating and audit. The team is based out of four locations - Kuwait, UAE, Turkey and Egypt.

Global Capital Management’s achievements have been recognized at product and deal level through awards such as “Fund of the Year” for 2007 and 2008, “Private Equity Deal of the Year” for 2008 by Terrapin. It was also ranked among top 150 Private Equity firms in the World by Private Equity International and top 20 in Asia by PEI Asia in 2009 and 2010.

50 Sponsors’ Profiles Annual Report

Global Capital Management NBK Capital

Established in 2005, NBK Capital focuses on offering a diversified range of innovative financial prod- ucts and services to clients.

With a highly professional team of over 170 professionals leveraging world-class experience and ex- pertise of investment, NBK Capital delivers creative financial solutions through its four divisions – Al- ternative Investments, Asset Management, Brokerage & Research, and Investment Banking.

NBK Capital has advised on over USD 7.4 billion in financing transactions and USD 2.5 billion in M&A transactions during the past two years. The company’s assets under management currently stand at just over USD 6.5 billion across regional and international funds.

Innovative products, objective research, creative thinking, timely implementation and excellence in service have seen NBK Capital being recognized as “Best Investment Bank in the Middle East” for 2009 by The Banker, and as “Best Investment Bank in Kuwait” for 2009 by Global Finance and for 2009 and 2010 by Euromoney.

As the investment banking subsidiary of National Bank of Kuwait (NBK), the highest-rated bank in the Middle East, NBK Capital combines the strengths, resources and global network of one of the largest and oldest financial institutions in the country with best-in-class investment structuring and execu- tion, on a broad array of financial strategies, to consistently deliver integrated value added solutions.

Operating regionally from Kuwait, Dubai, Istanbul and Cairo, NBK Capital prides itself on a reach and scale that is global, a focus that is regional and a service level that always remains personal.

51 Sponsors’ profiles annual Report

qataR fiRSt inveStment bank

Qatar First Investment Bank (QFIB) is a pioneering Islamic investment bank well positioned to work across the broader GCC and MENA region. It launched in 2009 with an authorized capital of QAR 3.65 billion (US$ 1 billion) and a paid up capital of QAR 1.6 billion (US$ 430 million).

QFIB is unique in Qatar, simultaneously independent and central to the market, providing clients and counterparties with access to one of the region’s deepest pools of capital. Adopt- ing an investment strategy that centres on sector and geographical diversification, QFIB focuses on sectors that benefit from key drivers of economic change; these include the en- ergy, financial services, industrials, real estate and health care services. Since its inception, QFIB has executed seven transactions in five different sectors across three geographies and exited one investment.

QFIB offers Principle Investments, Asset Management and Corporate Finance Advisory serv- ices. Relationships drive QFIB’s dynamic business strategy; the management team has an entrepreneurial outlook that encourages innovation and creativity in meeting client needs. The Bank’s medium to long-term view ensures clients can benefit from the leadership’s in- sight and connections.

QFIB operates to the highest of international business regulatory standards and corporate governance. The first independent Shari’ah compliant investment bank is licensed by the Qatar Financial Centre Regulatory Authority (QFCRA) and is ISO 27001 certified.

52 Sponsors’ Profiles Annual Report

Qatar First Investment Bank swicorp

Swicorp is a leading corporate finance advisory, private equity and principal investment firm with a specific regional focus on the Middle East and North Africa (MENA) region.

Founded in 1987 and licensed by the Capital Market Authority of the Kingdom of Saudi Arabia, and the Dubai Financial Service Authority of the United Arab Emirates, Swicorp has an extensive track record of pioneering M&A and Advisory transactions across the MENA re- gion over the last 20 years. Headquartered in Riyadh with regional offices in Jeddah, Geneva, Tunis, Dubai and Algiers, the firm has over 100 employees across its offices and activities, including 30 private equity professionals from both within and outside the region.

Since the launch of its private equity activities in 2004, Swicorp has established itself among the leading private equity managers in the MENA region, with nearly US$1.4 billion currently under management across two separate investment programs, including Intaj Capital and Swicorp Joussour.

Intaj Capital is a pan-MENA focused private equity fund investing in companies operating in sectors driven directly or indirectly by growth in consumer demand. Sectors include consum- er goods, retail, food and beverage, media and communications, consumer financial serv- ices, healthcare and consumer-facing construction materials, among others. Intaj pursues two main investment strategies for building a platform of value creation in its portfolio com- panies: growth and buy & build investments. Intaj Capital I, the first fund launched in 2005, invested US$187 million, US$290 million including co-investments from limited partners, in eight investments across seven countries, well diversified in terms of both geographic coverage and sectors. Intaj Capital II, which represents the second private equity vehicle of the Intaj franchise, had a first closing in September 2010 with commitments from leading international institutional LPs.

Joussour was founded in 2005 with US$1 billion in capital commitments. Joussour focuses on large-scale investments in the energy sector, petrochemicals and ancillary businesses to the petrochemical industry, and energy-intensive sectors, through greenfields and joint ventures with international partners or buy-out/relocation of international players in the sector.

53 Sponsors’ Profiles Annual Report

TunInvest-AfricInvest

Tuninvest-AfricInvest Group was founded in 1994 and is part of a full fledged investment boutique, Integra Partners (www.integra-partners.com) which offers in addition to Pri- vate Equity: Brokerage, Asset Management and Corporate Finance services.

Tuninvest-AfricInvest Group is today a leading private equity firms in North and sub-Sa- haran Africa with over $550 million of assets under management across 11 PE funds and sponsored by prestigious DFIs, private and institutional investors. The covered and targeted region evolved during the life of the Group from Tunisia for the first generation of funds with relatively small investments, to the Maghreb region (Maghreb Private Equity Funds I & II) and Sub-Saharan Africa (AfricInvest Funds I & II and AfricInvest Financial Sector Fund) with larger investments. The Group is now launching its third generation of Funds with the initiation of Maghreb Private Equity Fund III, a new North African Initiative.

Tuninvest–AfricInvest Group relies on a team of 35 highly skilled investment profession- als with over 120 years of cumulative PE experience, operating out of 6 offices (Tunis, Casablanca, Algiers, Lagos, Abidjan and Nairobi).

The Group has made 90 investments across several sectors and realized over 40 exits generating above market IRRs. The Group has made significant contribution to the eco- nomic development of its target countries through the growth and profitability achieved by its portfolio companies.

The Group is the co-founder of the African Venture Capital Association (www.avcanet. com) and a member of the Euromed Capital Forum (www.euromed-capital.com).

54 Sponsors’ Profiles Annual Report

Executive

Executive is a monthly business magazine that offers its readers in-depth and forward think- ing analysis, solid reporting and punchy opinion on Middle East and North Africa’s com- merce, economy and finance as well as regular industry surveys, regional market data and global economic trends.

Since its launch in 1998, Executive’s passion for business, its inside access and uncanny fore- sight has earned it the highest plaudits, where its readers choose it for its unbiased editorial line and comprehensive analysis.

From Morocco to Iraq, Executive has a solid network of the best business and economic analysts, experts, and reporters to provide what is arguably the most authoritative business writing in the Middle East.

For more information, please visit www.executive-magazine.com or call us on 00 961 1 611696

55 7 MENA Private Equity Association Members Directory Mena Private Equity Association Members Directory Annual Report

Abraaj Capital EFG Hermes Private New Silk Route Swicorp Dubai, UAE Equity Growth Capital Riyadh, KSA Egypt, Jordan, KSA, Lebanon, Cairo, Egypt Dubai, UAE Algeria,Tunisia, UAE Pakistan, Singapore, Turkey UAE India, USA Switzerland +971 4 5064400 +971 4 364 1961 +971 4 3211772 +966 1 211 0737 [email protected] [email protected] [email protected] [email protected] www.abraaj.com www.efg-hermes.com www.nsrpartners.com www.swicorp.com

Amwal AlKhaleej Gulf Capital Qatar First TunInvest–AfricInvest Riyadh, KSA Abu Dhabi, UAE Investment Bank Group Egypt, UAE +971 2 671 6060 Doha, Qatar Tunis, Tunisia +966 1 216 4666 [email protected] +974 4 483333 Algeria, Ivory Coast, Kenya, [email protected] www.gulfcapital.com Morocco, Nigeria www.amwalalkhaleej.com www.qfib.com.qa +21671189800 [email protected] www.tuninvest.com Capital Trust Group Investcorp Bank ReAya Holding TVM Capital Beirut, Lebanon Manama, Bahrain Jeddah, KSA Dubai, UAE UK, USA UK, USA +966 2 6676777 Germany, USA +961 1 368968 +973 1 753 2000 [email protected] [email protected] [email protected] www.reayaholding.com www.tvm-capital.ae www.capitaltrustltd.com www.investcorp.com

Cedar Bridge Partners Levant Capital Riyada Enterprise Cairo, Egypt Dubai, UAE Development UAE +971 4 331 9788 Dubai, UAE [email protected] [email protected] Egypt, Jordan, www.cedar-bridge.com www.levantcapital.com +971 4 5064400 [email protected] www.riyada.com Citadel Capital Malaz Capital Saffar Cairo, Egypt Riyadh, KSA Dubai, UAE Algeria, Kenya +966 1 4601644 +971 4 3735777 +202 2 7914440 [email protected] info@saffar-capital.com [email protected] www.malazcapital.com www.saffar.com www.citadelcapital.com

Eastgate Capital NBK Capital SEDCO Group Kuwait Jeddah, KSA Dubai, UAE Egypt, Turkey, UAE UAE +971 4 329 7171 +965 2 2246900 +971 4 3637166 [email protected] [email protected] [email protected] www.eastgategroup.com ww.nbkcapital.com www.sedco.com

57 8 Private Equity & Venture Capital Firms in MENA Private Equity & Venture Capital Firms in MENA Annual Report

Abraaj Capital Berytech Education Capital

Abu Dhabi Capital Management BMA Capital EFG Hermes Syria

Abu Dhabi Future Energy Company BMCE Capital EFG-Hermes Private Equity

Abu Dhabi Investment Company Boubyan Bank Emerging Markets Partnership (Bahrain)

Abu Dhabi Investment House Capital Invest Estithmaar Ventures (GP) Limited

Accelerator Technology Holdings Capital Trust EVI Capital Partners

ADCB Macquarie Corporate Finance Capivest Investment Bank Evolvence Capital

Al Arabi Investment Group Company Carlyle Mena Investment Advisors Limited Foursan Group

Al Futtaim Investment Management Catalyst Investment Management Company Global Capital Management Limited Limited CDG Capital Gulf Capital Al Imtiaz Investment Company CedarBridge Partners HBG Holdings Al Mal Capital CERT Capital HSBC Bank Middle East Al Masah Capital Management Limited Citadel Capital HSBC Private Equity Middle East Limited Al Rajhi Capital Concord International Investments IdeaVelopers Alcazar Capital Limited Corporate Finance House Injazat Capital Amundi Creative Edge Technology Instrata Capital Amwal AlKhaleej Commercial Investment Company Daman Investments Intel Capital

Arbah Capital DB Climate Change Advisors Investcorp Bank

Arcapita Bank Delta Partners Investment Boutique Investment Manager Athar Al Majd Holdings Deutsche Bank IT Ventures/Nile Capital Attijariwafa Bank Dubai International Capital Ithmar Capital Aureos Morocco Advisers Dubai Islamic Bank KIPCO Asset Management Company Beltone Agriculture Management Eastgate Capital Group

Beltone Private Equity Eco-Syria Company Limited

59 Private Equity & Venture Capital Firms in MENA Annual Report

KKR Venture Capital Bank TunInvest-AficInvest

Kuwait Finance and Investment Company Viveris Management TVM Capital MENA

Kuwait Finance House PrimeCorp (France)

Kuwait Finance House Bahrain Qatar Capital Partners

Kuwait Financial Centre RAIS (Netherlands)

Kuwait Investment Company Rasmala Holdings Limited

Levant Capital Limited Riyada Enterprise Development

Malaz Capital Riva y Garcia Financial Group

Manara Equity Partners Sabre Abraaj Management Company

Marshall Fund Capital Advisors Saffar

Masdar Venture Capital Sawari Ventures

MENA Advisors Limited Saham Group

MerchantBridge and Co SHUAA Capital

Middle East Capital Group SHUAA Capital Saudi Arabia

Middle East Venture Partners SHUAA Partners

Millennium Private Equity Siparex Group

Minah Partners Siraj Capital Dubai Limited

Moroccan Information Technopark Com Siraj Fund Management Company pany Sphinx Private Equity Management NBK Capital Limited Swicorp New Enterprise East Investments The Financial Corporation Company Upline Investments The National Investor Pharos Financial Advisors Limited Tuareg Capital Unicorn Investment Bank

60