US-based private equity firm Clayton, Dubilier & Rice (CD&R) has appointed a top dealmaker from CVC Capital Partners for its Middle East operations.
The appointment of Amr Nossier as senior advisor to the buyout firm comes as it is looking to spread its business across the Middle East region and expand relationships with investors across the Gulf.
Nossier was earlier managing director, chairman and the head for Middle East at CVC Capital. Previously, he was a founding partner and Middle East chairman at Perella Weinberg Partners. He also spent 16 years at Morgan Stanley, including 12 years as head of Morgan Stanley’s Middle East Group.
CD&R said in a statement that Nossier will “focus on reinforcing ties with existing limited partners and establishing new, trust-based relationships with investing organizations and families”.
The appointment comes two months after The Wall Street Journal reported that CD&R was looking to raise at least $20 billion for a new buyout fund.
Private equity players have been thronging to the Middle East of late, as the region’s oil- and gas-rich governments look to diversify and sell their stake in local companies.
The private equity sector’s prospects in the region were hit hard after the global financial crisis of 2009 and then the collapse of the Abraaj Group of Dubai in 2018.
Until it collapsed, Abraaj was the biggest buyout firm in the Middle East and North Africa region. The collapse happened after investors backing the PE firm raised concerns about the management of its $1 billion healthcare fund.
Just a year before Abraaj’s collapse, in 2017, Blackstone had secured $20 billion commitment from Saudi Arabia’s Public Investment Fund. The Saudi sovereign wealth fund had also committed $45 billion to Japanese conglomerate SoftBank’s first Vision Fund, which raised almost $100 billion and is the world’s largest tech-focussed investment vehicle.
Nosseir earned an MBA from Columbia Business School and a BA from Colgate University. He serves as Chair of the board of directors of ABANA, the US-based organization for finance professionals and institutions with interest in the Middle East and North Africa. He is also a member of the board of directors of Near East Foundation, Belgium.