Citadel Capital intends to invest in East Africa
Citadel Capital, the Cairo-based private equity firm, has announced that it aims to invest as much as $400 million (€283.4 million) in East Africa.According to the organisation's chairman and founder Ahmed Heikal, countries including Uganda, Tanzania and Kenya will be targeted for investment.
He stated: "Citadel Capital is uniquely positioned to apply the industry development model we honed in North African economies to markets in Kenya, Uganda and Ethiopia."
Previously, the firm has provided investment to Sudan which it claims will equate to $900 million by the end of 2010 - covering areas such as agriculture, financial services and transportation.
Furthermore, Citadel Capital claims that it has a record of attracting top management teams to African regions, which can make daily operations more efficient.
Potential investors in Egypt may be interested to learn that various news outlets have reported there has been stiff resistance to any possible changes in the country's property tax law.