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ADIC eyes buy-outs in middle east and North Africa, hires head of private equity

16 Mar 2009

- Hires Samir Assaad Samaan, formerly at NBK Capital in Dubai
- Sees private equity filling financing gap as global economic crisis unfolds

ABU DHABI, Mar 17 – The Abu Dhabi Investment Company (ADIC) has hired a new head of private equity to lead a charge for buy-outs in the Middle East and North Africa at a time when the global economic crisis is starving promising companies of capital.

Leading the push will be an experienced deal maker in the region, Samir Assaad Samaan, who joins ADIC from NBK Capital in Dubai, where he headed the firm’s private equity operations.

“With the global economic crisis hampering corporate financing, our nimble private equity fund should continue to thrive as a valuable capital source for growing companies,” said ADIC Chief Executive Officer Nazem Fawwaz Al Kudsi. .

“With Samir now joining, our skilled and energized team is well placed to take advantage of the exciting opportunities ahead,” he said, adding that potential deals are starting to emerge in the region’s deepest markets, the U.A.E., Saudi Arabia, Turkey and Egypt. .

Because of the credit crunch, the value of buy-outs globally sank last year, but Al Kudsi said that reputable funds could still secure bank loans in the Middle East and North Africa, to help seal small- and medium-size deals of up to $250 million..

“Over three decades we’ve built up a strong reputation, and now we can plug our investor clients into our deal-making networks,” Al Kudsi said. “The family-run firms that dominate the region are hungry for capital and expertise, to help them make their operations more efficient, and to expand their businesses across the region.” .

Although distressed assets are likely to flood the market in the next couple of years, ADIC’s private equity fund is on the lookout for firms with solid cash flows, and in “defensive” areas that can best weather the global economic downturn. Those would include healthcare, education, telecoms, consumer goods, and logistics and distribution. .

Having completed several successful transactions in the Middle East, Assaad brings extensive private equity and regional experience. He has also managed funds for Nova Capital in London and spent the early part of his career at Chase Securities in New York, focusing on leverage finance and mergers and acquisitions. Assaad joins a strong multi-national team at ADIC. Serkan Kizil, who has been the acting head of private equity since January, will continue his investment and management responsibilities as a senior member of the private equity business.