Abraaj Capital completes $375 million rights issue

Dubai-based investment firm Abraaj Capital announced on Monday it has completed a $375 million rights issues to existing shareholders, bringing its total paid-in capital to $1.5 billion, reports The Wall Street Journal.

“Use of the proceeds will include seeding new funds to take advantage of an attractive investment environment, as well as possibly executing strategic opportunities for Abraaj itself to expand its sphere of operations,” the company said in an emailed statement.

“The economic environment has resulted in interesting opportunities,” Arif Naqvi, Abraaj’s chief executive said. “Asset prices are more reasonable, aspiring regional and global competition has largely retreated, and consolidation opportunities, both for our firm and our portfolio companies, are available,” he added.