The acquisition is aimed at stimulating and supporting small and medium enterprise (SME). Abraaj intends to invest in indigenous companies also providing them with strategic support services and business mentoring.
Dubai-based Abraaj Capital Group agreed to acquire Riyada Ventures, a venture capital firm operating in the Middle East and North Africa (MENA) region.
Founded in 2005, Amman, Riyada Ventures is headquartered in Amman, Jordan and operates an office in Cairo. The firm will be integrated by Abraaj into its newly launched regional SME and Entrepreneurship initiative. Khaldoon Tabaza will continue as the CEO of the new business line of Abraaj.