Saudi Arabia leaps up World Bank index on resolving commercial disputes

The Kingdom jumped 24 places on the World Bank Contract Enforcement Index, reaching 59 from 83 in the previous year’s list. (File photo: AFP)
Updated 12 February 2019
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Saudi Arabia leaps up World Bank index on resolving commercial disputes

  • The Kingdom jumped 24 places on the World Bank Contract Enforcement Index, reaching 59 from 83 in the previous year’s list

JEDDAH: Saudi Arabia has soared up a World Bank index that ranks countries on how easy it is to resolve a commercial dispute.

The Kingdom jumped 24 places on the World Bank Contract Enforcement Index, reaching 59 from 83 in the previous year’s list.

The index measures the time and cost for resolving a commercial dispute through a local first-instance court.

The Ease of Doing Business 2019 report said steps taken by the Kingdom’s Ministry of Justice during the past two years have contributed to the improved standing.


Actis takes on management of two Abraaj funds

Updated 15 July 2019
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Actis takes on management of two Abraaj funds

  • US prosecutors have in recent months charged several executives of Abraaj with criminal charges, accusing them of taking part in a massive scheme to defraud investors

DUBAI:Actis said on Monday it had acquired the rights to manage two private equity funds previously managed by collapsed buyout firm Abraaj, in a deal aimed at strengthening its position in the Middle East and Africa.

Actis will take over the management rights to Abraaj Private Equity Fund IV and Abraaj Africa fund III, it said in a statement.
Abraaj, which filed for provisional liquidation in June 2018, was the largest buyout fund in the Middle East and North Africa until it collapsed last year in the aftermath of a row with investors over the use of money in a $1 billion health care fund.
The transaction includes investments in 14 portfolio companies across the two funds, Actis said.
“This Abraaj transaction further bolsters Actis’ footprint in the growth markets and follows the addition and integration of Standard Chartered’s Principal Finance Real Estate business in Asia in 2018,” it said.

BACKGROUND

Abraaj, which filed for provisional liquidation in June 2018, was the largest buyout fund in the Middle East and North Africa.

Actis now has $12 billion under management and more than 250 people across 16 offices.
The Actis transaction comes after the finalization of two other Abraaj deals — the transfer of management of the $1 billion health care fund to US buyout fund TPG and the sale of Abraaj’s Latin America fund to Colony Capital.
NBK Capital Partners, owned by Kuwait’s biggest lender, walked away from advanced talks to buy a global credit fund previously managed by Abraaj, Reuters reported last month.
US prosecutors have in recent months charged several executives of Abraaj with criminal charges, accusing them of taking part in a massive scheme to defraud investors.