Abraaj Capital, a Dubai-based private equity firm, is poised to launch a record $500m (€379m) buy-out fund for the Middle East and North Africa.

Sheikh Abdulrahman Al Turki, chairman of Abraaj, said the launch of the fund was a significant development for private equity in the region. "I am delighted that today we are launching the largest private equity fund in the region. This is the beginning of a great era and the launch of a fund of this size, something that has never been attempted before, will encourage our industry to look into new opportunities that have not yet been explored," he said.