ISTANBUL: Dubai-based Abraaj Group will complete at least one acquistion in Turkey in the first half of next year, a senior executive said on Wednesday, as it looks to deploy the remainder of its $500 million Turkey fund.
Abraaj, which has had a presence in Turkey since 2007, took a minority stake in Turkish logistics firm Netlog Lojistik for an undisclosed amount in July. "We will complete at least one acquisition in the first half of next year," Selcuk Yorgancioglu told Reuters on the sidelines of an event in Istanbul.
"We are operating in some 20 emerging countries, Turkey is the fastest growing one of them, it has potential. It is important to us, we believe it will continue to offer interesting opportunities.
"He declined to say how big of an investment it was looking to make, or in what sectors. Abraaj told Reuters in July it was looking to invest in midsize companies in Turkey and could spend $30 million-$100 million on individual deals, citing interests in health care. Thanks to its young population and fast-growing economy, Turkey was long seen as a prime target for private equity firms.
However, that allure has waned somewhat in recent years as security concerns and fears about growing authoritarianism in politics have knocked both investor appetite and the lira currency.
Sheikh argued that the government should have maintained stable petroleum prices
MARI has successfully drilled and tested the third appraisal well in the Ghazij formation in the Mari D&PL
Gold rates decreased by $17 to $2,395 per ounce in the international market
Company's revenue saw a 13.9% year-on-year increase, reaching Rs49.2 billion, up from Rs43.19 billion in the same...
Power generation stood at 8,741 gigawatt-hours or 11,749 megawatts in March
Government is eager to provide an ecosystem to foreign and local IT companies and investors through policymaking