9/1/2008

Abraaj buys 50% stake in Turkish luxury yacht maker

Gulf News – Dubai based investment firm Abraaj Capital has acquired a 50% stake in Turkish luxury-yacht manufacturer Numarine, as global demand grows in the $25 billion market for recreational boats. Abraaj, the largest private equity firm in the Middle East and North Africa, will partner Numarine chief executive Officer Omer Malaz, who founded the company in 2002. The investment is Abraaj's second in Turkey and third in the marine business. Last year, it bought part of Acibadem, the only healthcare provider listed on the Istanbul exchange. Abraaj also owns stakes in Dubai-based luxury-yacht distributor ART Marine, and Gulf Marine Maintenance & Offshore Company.