Wednesday 26 October 2011

Egypt's Citadel to scale back new investments | Reuters

Egypt's Citadel Capital (CCAP.CA) plans to scale back investments outside its existing projects until the political and economic outlook becomes clearer, its chairman told Reuters.

The private equity firm which focuses on the Middle East and north Africa reported a loss for the first half of the year due to a lack of divestitures and because of writedowns on under-performing upstream oil and gas investments.

Chairman Ahmed Heikal said the firm's portfolio is weighted toward greenfield projects and turnarounds, which keeps it busy for now. "I think we will probably slightly downsize the existing portfolio which is huge," Heikal said in an interview for the Reuters Middle East Investment Summit.

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