Abraaj CEO says Africa is core to investment plan

Arif Naqvi, Group CEO, Abraaj Group. Credit: forbes.com

Middle Eastern private equity investor Abraaj Group says Africa is core to its investment strategy, as it bets the continent’s rising middle class will consume more goods.

The Dubai-based group, which manages $10 billion across its funds, already has about $3 billion invested in Africa in more than 40 companies spanning healthcare, mining and dairy. Chief Executive Arif Naqvi told Reuters that he continues to believe in the opportunities the continent offers.

“It’s the consumption-driven economies that we focus on a lot,” Naqvi said on the sidelines of the World Economic Forum in Davos. “In those economies, as people emerge into the middle classes and move into cities, they’re going to want more product, more infrastructure.”

Read more: Abraaj CEO says Africa is core to investment plan | Reuters