The Middle East has been fertile ground for fundraising by big international private equity firms but it has proven less so for acquisitions.
Several large partnerships have set up in the Middle East recently – most notably Kohlberg Kravis Roberts , the Carlyle Group and Colony Capital – but deals have been few and far between.
In 2007, KKR bought UN Ro-Ro, a Turkish shipping company, for €910m ($1.15bn), while the property oriented Colony Capital bought control of Tamoil, a Libyan refiner, for €4bn and is developing a $2bn resort in Morocco. Yet not one deal has been closed in the Gulf even after years of oil-soaked growth.
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