DUBAI: Dubai-based private equity firm Abraaj Group has hired global auditing firm KPMG to look into the finances of its health care fund after a reported dispute with some its investors in the fund.
“We are confident that the exercise being conducted by KPMG will confirm that all the funds were accounted for and used appropriately,” it said in a statement on Sunday.
The Wall Street Journal reported on Friday, citing unnamed sources, that four investors in a $1 billion health care fund managed by Abraaj had hired a forensic accountant to examine what happened to some of their money.
They wanted to know why some of their money had not yet been used for the stated purpose of building hospitals and clinics, it reported. The New York Times also reported the dispute.
The investors included the Bill & Melinda Gates Foundation, the World Bank’s International Finance Corp. unit, and two other investors, who pledged about a quarter of the fund’s money.
There was no immediate response from the Gates Foundation outside its regular office hours. IFC also did not respond to a Reuters query.
Abraaj manages $13.6 billion and invests across growth markets in Africa, Asia, Latin America, the Middle East and Turkey.
In Sunday’s statement, the Dubai-based firm said recent media reports on the Abraaj Growth Markets Health Fund (AGHF) were “inaccurate and misleading.”
In 18 months, the health care fund has served almost 2 million people through 24 hospitals, 30 diagnostic centers and 17 clinics, it said.
“All capital that was drawn from AGHF investors was for approved Fund investments. Some capital was not used as quickly as anticipated due to unforeseen political and regulatory developments in several of the Fund’s operating markets.”
These delays were regularly communicated to investors through quarterly General Partner reports and other investor communications, Abraaj said.
“Abraaj takes its relationship with its Limited Partners, shareholders and other stakeholders very seriously,” it said.
“As such, Abraaj has engaged KPMG to verify all receipts and payments made by the Fund in accordance with the International Standard on Related Services applicable to agreed-upon procedures engagements,” it said.
The Abraaj Group said early in last 2017 it had deployed over $1.2 billion globally in 29 investments across the health care sector in growth markets.
Abraaj hires KPMG to look into health care fund after reported row with investors
Abraaj hires KPMG to look into health care fund after reported row with investors
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Saudi non-oil trade surplus with GCC jumps 102% in November
RIYADH: Saudi Arabia’s non-oil trade surplus with Gulf Cooperation Council countries more than doubled in November, driven by a surge in exports, preliminary government data showed.
The surplus reached about SR6.6 billion ($1.76 billion), up 102 percent from SR3.3 billion a year earlier, according to the General Authority for Statistics.
Total non-oil trade with GCC countries rose 30 percent to SR20.4 billion from SR15.7 billion, as exports outpaced import growth. Non-oil goods exports climbed to SR13.5 billion in November from SR9.5 billion a year earlier, while imports increased to SR6.9 billion from SR6.2 billion.
Re-exports made up the bulk of outbound trade, rising to SR9.76 billion in November from SR6.56 billion a year earlier, while national exports increased to SR3.75 billion from SR2.92 billion.
The UAE remained Saudi Arabia’s largest GCC trading partner on a non-oil basis. Exports to the Emirates totaled SR10.48 billion in November versus SR7.18 billion a year earlier, comprising SR8.38 billion in re-exports and SR2.10 billion in national exports.
Imports from the UAE were SR4.79 billion, up from SR3.95 billion, lifting the non-oil trade surplus with the UAE to about SR5.69 billion from SR3.23 billion.
Trade with Kuwait also expanded, with exports rising to SR769.9 million from SR610.6 million, including SR199.2 million in re-exports and SR570.7 million in national exports. Imports from Kuwait fell to SR176.4 million from SR333.3 million, pushing the trade surplus to SR593.5 million from SR277.3 million.
With Bahrain, exports edged down to SR900.7 million from SR929.7 million, reflecting a decline in re-exports to SR380.3 million from SR572.7 million, while national exports increased to SR520.4 million from SR356.9 million. Imports rose to SR862.4 million from SR662.4 million, reducing the surplus to SR38.3 million from SR267.2 million.
Saudi Arabia narrowed its non-oil trade deficit with Oman, as exports increased to SR666.7 million from SR356.5 million, supported by re-exports of SR259.6 million versus SR39.3 million and national exports of SR407.0 million versus SR317.3 million.
Imports from Oman declined to SR873.2 million from SR1.11 billion, bringing the trade balance to a deficit of SR206.6 million compared with a deficit of SR749.1 million in November 2024.
Trade with Qatar strengthened, with exports rising to SR691.1 million from SR395.8 million, including re-exports of SR536.2 million versus SR253.9 million and national exports of SR155.0 million versus SR141.9 million. Imports increased to SR199.3 million from SR148.9 million, resulting in a surplus of SR491.8 million, up from SR246.9 million.
