Chinese investors rush into Africa after Arab Spring
Published 28/10/2013 | 00:05
European and British investors are "standing by the sidelines" in the aftermath of the Arab Spring, as China starts pouring money into Africa, according to the continent's biggest private-equity group.
Citadel Capital managing director Hisham El-Khazindar admitted Arab Spring nations like Egypt had to prove they were introducing economic reforms, tightening security and had implemented a political roadmap before Western nations would reinvest.
However, Mr El-Khazindar said "the Chinese don't seem to have waited", as they target a region with economic growth prospects "unmatched in most parts of the world".
Cairo-based Citadel is transforming itself from a buyout group using other investors' funds to an equity owner of assets in its own right.