Bassem Azab Joins Citadel Capital as a Managing Director

Bassem Azab joins Citadel Capital, where he will manage equity placements across the Arab world

Citadel Capital, the leading private equity firm in the Middle East and North Africa with US$ 8.3 billion in investments under control, today announced the appointment of Bassem Azab as a Managing Director, the latest step in a round of hires that has seen the firm recruit five new staffers in recent weeks.

Azab will join the Cairo-based firm’s equity team as it looks to enhance its placement power in the Arab world, particularly in the Gulf Cooperation Council countries. The drive will be key to Citadel Capital’s plans to take advantage of the significant opportunities now appearing across the region.

“We are delighted to have Bassem Azab join our team at a time when private equity investors are again remembering that equity capital is the foundation of sustainable investment,” said Ahmed Heikal, Citadel Capital’s Chairman and Founder. “Bassem’s breadth of experience across the region dovetails perfectly with our existing staff and our base of leading co-investors as we gear up to pursue more of the region’s most promising opportunities in this outstanding vintage year for private equity investing.”

Added Heikal, “After two years of nurturing our existing platforms, it is time for us to embark on a wave of new deals and Bassem will be part of a team that raises financing for them.”

Azab was formerly Managing Director at Beltone Financial’s brokerage group, where he led GCC and MENA coverage. He previously served as Head of High Net Worth & Arab Institutions at EFG Hermes (the Arab world’s leading investment bank) and began his career with the former Egyptian American Bank (today Credit Agricole-Egypt) and Citibank-Egypt in corporate banking.

“I’m delighted to be leading the charge to raise equity across the Arab world for a firm with a proven ability to create value for shareholders, co-investors and the economies in which we do business,” said Azab. “The coming years will present outstanding opportunities to lock in new returns, and our job is to make certain the equity is on call to pursue those opportunities.”

Citadel Capital is one of only a handful of general partners worldwide to take significant equity stakes in its own transactions and currently has close to US$ 750 million of its own capital invested across its Platform Companies.

Azab holds a Bachelor’s Degree in Tourism from the University of Alexandria.


Citadel Capital is the leading private equity firm in the Middle East and North Africa. The firm focuses on building platform investments throughout the region in select industries through acquisitions, turnarounds, and greenfields executed via Opportunity Specific Funds. Citadel Capital’s 19 OSFs now control Platform Companies with investments worth more than US$ 8.3 billion in 14 industries, including mining, cement, transportation, food and energy. Since 2004, the firm has returned more than US$ 2.2 billion in cash to investors, more than any other private equity firm in the region.

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