Abraaj Capital, the largest private equity company in the Middle East and North Africa, appointed Farrukh Abbas to head up its operations in Pakistan where South Asia's second-largest economy is expected to grow at six percent or more for the next five years. Farrukh, 46, has 22 years of professional experience, at least 13 of them in Pakistan.
Since joining Dubai-based Abraaj in 2005, Farrukh has played a key role in implementing post-acquisition strategy in several of Abraaj's holdings. In Saudi Arabia, he helped guide National Air Services (NAS) in setting up the kingdom's first low-cost carrier, as well as developing its all business-class carrier, and a unit offering fractional ownership and leasing of business jets.
Saudi investors in Abraaj sold their 30 percent stake in NAS in June, generating an internal rate of return of 52 percent, implying a four-fold surge in the value of NAS over the two-year holding period. Farrukh also has helped develop the Lebanese operations of supermarket group Spinneys, expanding the chain into Egypt, with joint ventures agreed in Saudi Arabia and Kazakhstan.-PR