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 Arabia’s foreign reserves rise to a 6-year high of $475bn
RIYADH: Saudi Arabia’s foreign reserves climbed 3 percent month on month in January to SR1.78 trillion, up SR58.7 billion ($15.6 billion) from December and marking a six-year high.
On an annual basis, the Saudi Central Bank’s net foreign assets rose by 10 percent, equivalent to SR155.8 billion, according to data from the Saudi Central Bank, Argaam reported.
The reserve assets, a crucial indicator of economic stability and external financial strength, comprise several key components.
According to the central bank, also known as SAMA, the Kingdom’s reserves include foreign securities, foreign currency, and bank deposits, as well as its reserve position at the International Monetary Fund, Special Drawing Rights, and monetary gold.
The rise in reserves underscores the strength and liquidity of the Kingdom’s financial position and aligns with Saudi Arabia’s goal of strengthening its financial safety net as it advances economic diversification under Vision 2030.
The value of foreign currency reserves, which represent approximately 95 percent of the total holdings, increased by about 10 percent during January 2026 compared to the same month in 2025, reaching SR1.68 trillion.
The value of the reserve at the IMF increased by 9 percent to reach SR13.1 billion.
Meanwhile, SDRs rose by 5 percent during the period to reach SR80.5 billion.
The Kingdom’s gold reserves remained stable at SR1.62 billion, the same level it has maintained since January 2008.
Saudi Arabia’s foreign reserve assets saw a monthly rise of 5 percent in November, climbing to SR1.74 trillion, according to the Kingdom’s central bank.
Overall, the continued advancement in reserve assets highlights the strength of Saudi Arabia’s fiscal and monetary buffers. These resources support the national currency, help maintain financial system stability, and enhance the country’s ability to navigate global economic volatility.
The sustained accumulation of foreign reserves is a critical pillar of the Kingdom’s economic stability. It directly reinforces investor confidence in the riyal’s peg to the US dollar, a foundational monetary policy, by providing SAMA with ample resources to defend the currency if needed.
Furthermore, this financial buffer enhances the nation’s sovereign credit profile, lowers national borrowing costs, and provides essential fiscal space to navigate global economic volatility while continuing to fund its ambitious Vision 2030 transformation agenda.
