Anoud creates educational games for children of all ages.
Abraaj to invest in Palestinian toy company
Ramallah (Palestine), March 10, 2013
Dubai-based Abraaj Group, a leading private equity firm operating in global growth markets, has announced a prime investment in Anoud Games, a producer of Arabic educational games and toys for children based in Palestine.
Abraaj said the investment, being made through its Palestine Growth Capital Fund (PGCF), will help Anoud Games to boost its product range and expand regionally.
Anoud Games was founded in 1996 and is currently one of the largest makers and distributors of educational toys in Palestine, with a head office in East Jerusalem.
The Palestine Investment Fund (PIF), a leading institutional investor in Palestine and a cornerstone partner in PGCF, is also co-investing in the deal through the Sharakat Program, PIF’s SME (small and medium enterprise) investment and financing platform.
Abraaj will support Anoud in expanding its product range over the investment horizon and extending its geographic reach, allowing it to export its products regionally to serve the wider Arabic speaking audience.
Ahmed Badreldin, the partner and head of Mena, The Abraaj Group, said the investment in Anoud Games underlines the group’s commitment to the SME space in Palestine through its Palestinian fund.
"Anoud Games is now well-positioned to increase its product range and geographic reach in order to capitalize on the attractive regional demographic trends in this underserved subsector," he stated.
"The investment by The Abraaj Group and PIF will help Anoud increase its product offering and reach more countries in the underserved Arabic educational games and toys niche," Badreldin added.
Dr Mohammad Mustafa, the chairman and CEO of PIF, said, "Anoud Games represents Palestinian entrepreneurship and business resilience at their best. We are especially proud of this investment because the company is a Jerusalem-based Palestinian company."
"We look forward to Anoud’s success in realizing its growth targets, and are certain that PIF’s and Abraaj’s involvement will provide Anoud with all the help and support it needs to achieve these objectives," he added.
Anoud Games co-founders George Kusa and Rania Ghneim described the transaction as an important milestone in its growth path.
"Our partnering with Abraaj and the PIF will act as a real catalyst in the accelerated development of our business in the region. We are convinced that Abraaj’s planned operational enhancements will enable us to capitalize on the opportunities that our rapid expansion has created, by strengthening key functions such as business development," they added.-TradeArabia News Service