Citadel eyes $4bn Egypt investment over 3 years

Cairo, October 9, 2012

Egyptian private equity firm Citadel Capital plans to invest $4 billion or more in Egypt over the next three years and has an eye on infrastructure and energy-related projects, its chairman said on Tuesday.

Citadel, which focuses on the Middle East and Africa, has already invested $4 billion in Egypt since January 2011, when an uprising erupted that toppled President Hosni Mubarak, the company's chairman and founder, Ahmed Heikal, said.

"I met a number of government officials and we think we are ready to invest a significant amount of money, probably higher than the $4 billion over the next three years," he told a business conference in Cairo, organised by Euromoney.

"We identified a number of opportunities in the energy efficiency, infrastructure sphere," he said.

The firm secured $3.7 billion in financing for an Egyptian petroleum refinery project in June and said it is also looking at potential refining deals in sub-Saharan Africa, including investing in a $2.5 billion oil refinery project in Uganda. – Reuters

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