Abraaj denies misuse of healthcare fund

Healthcare1Dubai-based private equity firm Abraaj Group has denied accusations that it misspent funds intended for a number of healthcare projects in South Asia and sub-Saharan Africa. A report in the Wall Street Journal alleged that four investors in the $1 billion Abraaj Growth Markets Health Fund, including the World Bank and the Bill and Melinda Gates Foundation, had questioned why more than $200 million of funds had not been spent and hired forensic accountants to investigate. Abraaj has called the reports “inaccurate and misleading” and disclosed that it hired auditing firm KPMG to verify the fund’s various transactions. “We are confident that the exercise being conducted by KPMG will confirm that all the funds were accounted for and used appropriately,” said Abraaj in a statement. The private equity group stated that the delays in spending its capital were down to “unforeseen political and regulatory developments in several of the funds operating markets” and this fact had been disclosed to investors. Furthermore, the unused funds had been returned to investors at the end of December 2017, stated Abraaj.  ©2018 funds global mena

Executive Interviews

INTERVIEW: Totally mega

Jun 13, 2018

In 2016, global consulting firm PWC forecast the emergence of five global ‘megatrends’ in the next two decades. Stephen Anderson, its Middle East clients and markets leader, talks about their...

INTERVIEW: Protecting the investment

Nov 23, 2017

Rasmala’s trade finance fund recently passed $100 million in assets. Doug Bitcon, head of credit strategies, explains why he has to be hands-on.


MENA ROUNDTABLE: ‘The story is about reforms’

Jun 13, 2018

Our cross-industry panel discuss the positive backdrop in Egypt, the Dana Gas controversy and the potential index upgrades of Saudi Arabia and Kuwait. Chaired by George Mitton in Dubai.


Jun 13, 2018

Our panellists tell us that instead of launching competing national projects, African countries should work together for the sake of a bigger capital market. Chaired by George Mitton in Cape Town.