Citadel Capital Seeks to Invest US$ 400 mn in East Africa

Africa's largest private equity firm is pursuing exciting new opportunities in Kenya, Uganda, and Tanzania

Citadel Capital, independently ranked as Africa’s largest private equity firm, has announced plans to invest a further US$ 200-400 million over the coming two years in Kenya, Uganda and Tanzania, where its investment professionals are actively pursuing opportunities.

The announcement was made by Ahmed Heikal, Citadel Capital’s Chairman and Founder, and comes in the wake of the firm’s investments in Sudan. To date, Citadel Capital’s Sudanese investments cover sectors including transportation and logistics, financial services, cement, mining, agriculture, and oil and gas. “By the end of 2010, we will have invested more than US$ 900 million in that nation,” Heikal noted.

Citadel Capital, which has US$ 8.3 billion in investments under control in 15 industries spanning 12 countries, has a proven track record of creating value across its investment footprint by transforming national leaders into regional powerhouses through the smart deployment of capital and by attracting world-class management teams that have the know-how and experience to efficiently run day-to-day operations. These teams have the ability to help refine and execute the forward-looking strategies necessary to develop new business opportunities.

“Citadel Capital is uniquely positioned to apply the industry development model we honed in North African economies to markets in Kenya, Uganda and Ethiopia,” said Heikal. “East Africa’s appealing natural competitive advantages — including fast-growing consumer markets and large workforces — fit perfectly with our time-proven strategy of turning national players into regional champions.”

The firm’s expansion into East Africa will extend its business model into one of the world’s most fertile and unexplored investment environments.

“At a broad macro level, we have found the main prerequisites for development to be benign government and solid regulatory frameworks, human resources and investment capital,” said Hassan Massoud, Associate at Citadel Capital. “Today, the East African countries in which we are looking to invest have the requisite legal and, more importantly, institutional infrastructure to support investments. Where we find that a lack of investment capital and managerial capabilities remain impediments to development, these are two things we can bring into the equation.”

Citadel Capital’s regional investment strategy has already introduced the firm to East African markets. For example, ASCOM for Geology & Mining, the firm’s platform investment in the regional geological and mining services sector, has established two joint ventures in Ethiopia and has been engaged in gold and other metal-exploration activities.


Citadel Capital (CCAP.CA on the Egyptian Exchange) is the leading private equity firm focusing on building regional platform investments throughout Africa and the Middle East in select industries through acquisitions, turnarounds, and greenfields executed via Opportunity Specific Funds. Citadel Capital’s 18 OSFs now control Platform Companies with investments worth more than US$ 8.3 billion in 15 industries, including mining, cement, transportation, food and energy. Since 2004, the firm has generated more than US$ 2.4 billion in cash returns to investors, more than any other private equity firm in the region. Citadel Capital is the largest private equity firm in Africa by PE assets under management (2004-2009, as ranked by Private Equity International). For more information, please visit

For more information, please contact:

Ms. Ghada Hammouda
Head of Corporate Communications
Citadel Capital (S.A.E.) (click to reveal this email)

Tel: +20 2 2791-4440 begin_of_the_skype_highlighting              +20 2 2791-4440      end_of_the_skype_highlighting • Fax: +20 22 791-4448
Mobile: +20 16 662-0002