Citadel plans $4bn investment in Egypt over next three years


Listed Egyptian private equity firm Citadel Capital is reported to be planning more than $4bn of investments in the country over the next three years.

Chairman Ahmed Heikal, pictured, told a business conference in Cairo the firm planned to invest the money in infrastructure and energy-efficiency projects, Reuters reported.

The firm has invested about $4bn in the country since the beginning of 2011 despite the ongoing after-effects of the Arab Spring uprising in January that year.

Citadel has worked hard to plug the losses which have dogged it over the past few years, reducing them from $49.7m in 2010 to $18.3m last year.

Its 2012 second quarter loss was just $1.5m, and the firm is now eyeing a new spending spree, according to Heikal.

Earlier this month the firm revealed a 6.9 per cent quarter-on-quarter rise in invested equity for the second quarter of 2012, while invested assets under management rose $228.8m in the quarter to $3.6bn.

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