Private equity firms revealed a flurry of new funds and investment deals this week, raising hopes that activity will pick up in the Middle East after the financial crisis stunted growth and raised the spectre of a string of closures because of poor returns.
Industry players ranging from Citadel Capital of Egypt to the Abu Dhabi companies The National Investor, Invest AD and National Bank of Abu Dhabi, are grasping at signs of a recovery in global and regional markets as they contemplate raising new money and selling off some of their stakes.
"I firmly believe we're just about to turn the corner and get into a rather interesting few years up ahead," Ammar Alkhudairy, the managing director of Amwal AlKhaleej in Saudi Arabia, said at a private equity conference in Abu Dhabi. "When it's darkest is when opportunities become manifest."
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