{"id":595735,"date":"2019-08-05T04:00:36","date_gmt":"2019-08-05T04:00:36","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2019\/08\/05\/does-abraajs-collapse-signal-the-end-of-regional-private-equity\/"},"modified":"2019-08-05T04:00:36","modified_gmt":"2019-08-05T04:00:36","slug":"does-abraajs-collapse-signal-the-end-of-regional-private-equity","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2019\/08\/05\/does-abraajs-collapse-signal-the-end-of-regional-private-equity\/","title":{"rendered":"Does Abraaj\u2019s collapse signal the end of regional private equity?"},"content":{"rendered":"

<\/a> Does Abraaj\u2019s collapse signal the end of regional private equity?<\/b> The \u201cspectacular\u201d collapse of Abraaj<\/a>, seen for years as the standard-bearer for EM private equity, has left a \u201cnuclear wasteland\u201d in its wake, destroying investor confidence in the market and tarnishing Dubai\u2019s reputation, Matthew Martin and Nicholas Parasie argue in Bloomberg<\/a>. The Dubai Financial Services Authority (DFSA) recently issued a hefty USD 315 mn fine<\/a> for \u201cserious wrongdoing\u201d and misuse of investor funds, but this may do little to alleviate investor concerns in the long term.<\/p>\n

Even before Abraaj went under, private equity in the MENA region was flagging.<\/b> A 2018 analysis identified a notable decrease<\/a> in active and sustainable PE funds in the region, starting as early as 2008. Liquidity is proving to be a long-term challenge, affected by a lack of institutional investment and the broader economic environment. But a series of obstacles, including declining oil prices, political turbulence amongst GCC countries, rising interest rates and tough global macroeconomic conditions, have all impacted the sector in recent years. Preqin data shows<\/a> that eight PE funds with exposure to MENA closed last year with USD 406 mn in aggregate capital raised, down 65% from USD 1.168 bn raised in 2017 and USD 14.283 bn in 2015.<\/p>\n

Under-regulation or a lack of due diligence to blame? <\/b>The Abraaj collapse is increasingly being presented as a cautionary tale of the need for rigorous checks and balances, both from regulators and from investors themselves. The DFSA has been accused of being slow to respond to allegations of wrongdoing, and investors have become hesitant to put money into funds for fear of flaws in the regulatory environment. But investors who jumped onto the Abraaj bandwagon without asking questions also played their part. The Abraaj case \u201cshould be seen more as a message about due diligence lapses by investors,\u201d says Sabah al Binali, CEO of Universal Strategy. A Turkey-based PE manager concurs, saying \u201cit was lazy investors who created this monster.\u201d<\/p>\n","protected":false},"excerpt":{"rendered":"

Does Abraaj\u2019s collapse signal the end of regional private equity? The \u201cspectacular\u201d collapse of Abraaj, seen for years as the standard-bearer for EM private equity, has left a \u201cnuclear wasteland\u201d in its wake, destroying investor confidence in the market and tarnishing Dubai\u2019s reputation, Matthew Martin and Nicholas Parasie argue in Bloomberg. The Dubai Financial Services […]<\/p>\n","protected":false},"author":1,"featured_media":595736,"comment_status":"closed","ping_status":"open","sticky":false,"template":"single-feature.php","format":"standard","meta":{"_acf_changed":false,"newspack_ads_suppress_ads":false,"newspack_popups_has_disabled_popups":false,"newspack_sponsor_sponsorship_scope":"","newspack_sponsor_native_byline_display":"inherit","newspack_sponsor_native_category_display":"inherit","newspack_sponsor_underwriter_style":"inherit","newspack_sponsor_underwriter_placement":"inherit","ep_exclude_from_search":false,"_primary_brand":0,"newspack_featured_image_position":"","newspack_post_subtitle":"","newspack_article_summary_title":"Overview:","newspack_article_summary":"","newspack_hide_updated_date":false,"newspack_show_updated_date":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[9003],"tags":[4991,9347,72,125,758,2397],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-595735","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-worth-reading","tag-abraaj","tag-arif-naqvi","tag-enterpriseam","tag-investment-watch","tag-private-equity","tag-worth-reading","wpautop","entry"],"acf":{"mongo_id":"bdcad7c9-70bb-42a5-b1a3-835850d5a34f","is_powered_by":true,"story_type":"1","photo_url":"https:\/\/ent.news\/2019\/7\/2063.jpg","photo_position":"above","related_issue":[595715],"teaser":"","voice_url":""},"yoast_head":"\nDoes Abraaj\u2019s collapse signal the end of regional private equity? - EnterpriseAM Egypt<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/enterpriseam.com\/egypt\/2019\/08\/05\/does-abraajs-collapse-signal-the-end-of-regional-private-equity\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Does Abraaj\u2019s collapse signal the end of regional private equity?\" \/>\n<meta property=\"og:description\" content=\"Does Abraaj\u2019s collapse signal the end of regional private equity? 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Naqvi will now effectively\u2026","rel":"","context":"In "Speed Round"","block_context":{"text":"Speed Round","link":"https:\/\/enterpriseam.com\/egypt\/category\/speed-round\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":596771,"url":"https:\/\/enterpriseam.com\/egypt\/2019\/07\/08\/actis-gets-approval-to-take-over-management-of-chgs-majority-shareholder\/","url_meta":{"origin":595735,"position":3},"title":"Actis gets approval to take over management of CHG\u2019s majority shareholder","author":"enterpriseam admin","date":"8 July 2019","format":false,"excerpt":"M&A WATCH- Actis gets regulatory approval to manage Cleopatra Hospital\u2019s majority shareholder: EM private equity fund Actis received approval from the Financial Regulatory Authority (FRA) to take over the management of Creed Healthcare Holdco from now-defunct EM private equity giant Abraaj, Al Mal reported, citing unnamed sources. Creed Healthcare, also\u2026","rel":"","context":"In "Speed Round"","block_context":{"text":"Speed Round","link":"https:\/\/enterpriseam.com\/egypt\/category\/speed-round\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2019\/7\/1552.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":626472,"url":"https:\/\/enterpriseam.com\/egypt\/2018\/07\/03\/egx-listed-companies-rush-to-declare-we-have-no-ties-to-abraaj\/","url_meta":{"origin":595735,"position":4},"title":"EGX-listed companies rush to declare \u201cwe have no ties to Abraaj\u201d","author":"enterpriseam admin","date":"3 July 2018","format":false,"excerpt":"EGX-listed companies rush to declare \u201cwe have no ties to Abraaj\u201d: In a string of some 73 disclosures last week, companies rushed to meet an EGX requirement that they disclose any business or investment ties to embattled private equity firm Abraaj in the wake of the company\u2019s collapse and liquidation,\u2026","rel":"","context":"In "Speed Round"","block_context":{"text":"Speed Round","link":"https:\/\/enterpriseam.com\/egypt\/category\/speed-round\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":599231,"url":"https:\/\/enterpriseam.com\/egypt\/2019\/06\/23\/nbk-capital-partners-quits-talks-to-acquire-abraajs-global-credit-fund\/","url_meta":{"origin":595735,"position":5},"title":"NBK Capital Partners quits talks to acquire Abraaj\u2019s global credit fund","author":"enterpriseam admin","date":"23 June 2019","format":false,"excerpt":"M&A WATCH- NBK Capital Partners bows out of \u201cadvanced\u201d talks to acquire Abraaj\u2019s global credit fund: National Bank of Kuwait\u2019s brokerage unit NBK Capital Partners has exited advanced-stage talks to acquire a global credit fund from defunct PE firm Abraaj,Reuters reported, citing two sources familiar with the matter. NBK Capital\u2026","rel":"","context":"In "Speed Round"","block_context":{"text":"Speed Round","link":"https:\/\/enterpriseam.com\/egypt\/category\/speed-round\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]}],"_links":{"self":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/595735","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/comments?post=595735"}],"version-history":[{"count":0,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/595735\/revisions"}],"acf:post":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/issue\/595715"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media\/595736"}],"wp:attachment":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media?parent=595735"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/categories?post=595735"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/tags?post=595735"},{"taxonomy":"brand","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/brand?post=595735"},{"taxonomy":"newspack_spnsrs_tax","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/newspack_spnsrs_tax?post=595735"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}