- DUBAI: Dubai-based private equity firm Abraaj Capital plans to sell up to four of its investments in the next 18 months, a senior executive said on Monday.
Abraaj has been trying to offload its stake in Turkish hospital group Acibadem in a deal that could be worth at least $500 million.
Matteo Stefanel, senior partner, said other exits were likely.
"We are also looking at one to three exits in the next 18 months," Stefanel told Reuters on the sidelines of a conference, without elaborating on details.
Private equity funds in the Middle East and North Africa, under pressure to produce bigger returns for investors, have buyers, including sovereign wealth funds, looming larger on their deal radar.
Stefanel said Abraaj was looking at investing in healthcare, education and energy.
"These are investments which we think can demonstrate growth over the next few years in the region," he said, adding Abraaj was in the final stages of raising capital for a $2 billion private equity fund.
Meanwhile, Nakheel has approached banks for a $200 million financing, in its first attempt to tap capital markets in over two years, and about a month after it completed a complex restructuring of its massive debt pile.
"Nakheel is approaching banks and discussions with them are progressing well," a Nakheel spokesman said on Sunday.
The indebted developer is now wholly-owned by the Dubai government as part of its former parent Dubai World's debt restructuring.
The developer, which overstretched itself building islands in the shape of palms and other ambitious projects, will use the funds for new projects that include the expansion of the Dragon Mart mall, one of its retail assets.
This is the first time that the developer would seek to raise fresh financing since 2009, when a property market collapse forced Nakheel to restructure its $ 16 billion debt.
Dubai has already given as much as $8.71 billion to the developer. The company announced in August that it completed the restructuring and would soon deliver pending projects and pay investors.
Dubai's property boom ended in 2008, with home prices plunging by about 60 percent forcing many developers to abandon projects.
Some of Nakheel's ambitious projects like Palm Jebel Ali, another palm-shaped island stretching into the sea, is yet to be complete.
Nakheel's Chairman Ali Rashid Lootah said its full year profit should be in-line with its 2010 results, bolstered by its leasing and retail businesses.
The indebted developer issued $1.03 billion under the first tranche of the $1.31 billion sukuk earlier this year to trade creditors.

