Citadel Capital Named “African Business of the Year”

The leading private equity firm in Middle East and Africa receives prestigious industry award that recognizes the achievements of outstanding African businesses that are contributing to the economic growth and development of the continent

Citadel Capital (CCAP.CA on the Egyptian Stock Exchange), the leading private equity firm in the Middle East and Africa, has been named African Business of the Year at a gala awards ceremony attended by the Prime Ministers of Cameroon and Togo in London on 21 June 2010. The award recognizes Citadel’s outstanding financial performance coupled with its positive impact on the industry, community and economy.

The prestigious title was received at the African Business Awards, the key annual event for the African business world, whose accolades are much sought after by Africa’s leading companies and entrepreneurs.

The firm was selected to win by a distinguished panel of independent judges covering all regions of Africa, each of whom was selected for his or her “experience, business acumen and expertise.” Other finalists included South Africa’s De Beers, Kenya’s Safaricom, pan-African bank Ecobank and oils producer Bidco.

“It is truly an honor to have been chosen as African Business of the Year from such a distinguished group of nominees,” said Citadel Capital Chairman and Founder Dr. Ahmed Heikal. “Founded little more than five years ago with an initial investment of just US$ 400,000, we are very proud of the growth that we have achieved. Citadel Capital continues to pursue investment opportunities throughout the continent that will allow us to transform promising national companies into regional champions.”

With US$ 8.3 billion in investments covering 15 industries spanning 14 countries, Citadel Capital is independently ranked by Private Equity International as the continent’s largest private equity firm. Since its founding in 2004, the firm has generated US$ 2.5 billion in cash returns for shareholders and co-investors on investments of US$ 650 million.

The African Business of the Year award is given annually to a company that has demonstrated outstanding financial performance and significant development of new market segments, together with “innovative working techniques and employment of staff from the communities in which it operates.” Winners must have high standards of good corporate citizenship and have contributed significantly to changing the perceptions of Africa in global markets.

“Citadel Capital seeks out national companies with the potential to become regional champions, then deploys the human and monetary capital needed to make that transformation happen,” said Citadel Capital Managing Director and Co-Founder Hisham El-Khazindar. “Over the past 12 months, the firm has closed a significant number of transactions in what we believe will be an excellent vintage year for private equity investing.”

In reaching its decision, the awards committee took note of several recent developments at Africa’s leading private equity firm, including its acquisition of a controlling stake in Rift Valley Railways of Kenya and Uganda, the build-out of an environmentally friendly river transportation network stretching from the Mediterranean port of Alexandria to southern Sudan, the construction of Sudan’s most technologically advanced and environmentally friendly cement plant, the acquisition of the nuclei of a solid waste management platform, and substantial fundraising progress on the MENA and Africa Joint Investment Funds.

The 2010 African Business Awards were organized by IC Publications (publishers of Africa Business) and the Commonwealth Business Council. They provide a platform to celebrate excellence and best practices in African business, recognizing those who have driven Africa’s rapidly transforming economy. This year’s awards ceremony included more than 500 attendees including African ministers, senior government and business officials and diplomats.

The African Business of the Year award follows Citadel Capital’s earlier 2010 achievements, including Infrastructure Investor magazine’s African Infrastructure Deal of the Year and recognition by emeaFinance as Africa’s Best Private Equity House.


Citadel Capital (CCAP.CA on the Egyptian Stock Exchange) is the leading private equity firm in the Middle East and Africa. Citadel Capital focuses on building regional platforms in select industries through acquisitions, turnarounds, and greenfields executed via Opportunity-Specific Funds. The firm’s 19 OSFs now control Platform Companies with investments worth more than US$ 8.3 billion in 14 countries spanning 15 industries, including mining, cement, transportation, food and energy. Since 2004, Citadel Capital has generated more than US$ 2.5 billion in cash returns to its co-investors and shareholders (on investments of US$ 650 million), 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 (2005-2010, 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 • Fax: +20 22 791-4448
Mobile: +20 16 662-0002