Abraaj Capital has become one of the first private equity firms to open an office in the Palestinian Authority as it seeks to capitalize on expected growth in a region that has been riven by conflict.
The Dubai firm hired an executive, Fayez Husseini, a senior vice president for business development from telecoms company FRiENDi Group, to launch the operation in the West Bank city of Ramallah.
It has earmarked $50 million for investment in the region, with Husseini expected to identify and execute 20 to 25 deals in the next four years. The firm said the Palestinian economy was expected to expand 7% this year and that it would be investing in small and midsize enterprises, which has been the focus of the Palestinian government.
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