Big bucks for small business

Riyada Enterprise Development (RED), a member of Abraaj Capital Group, in December launched a $50 million fund in a partnership with Cisco and European Investment Bank, to invest in Lebanese small and medium enterprises (SMEs). This is the largest fund dedicated to Lebanese SMEs and is the latest venture by Abraaj Capital Group — the largest emerging markets-based private equity— aimed at enhancing investment in Middle East and North Africa SMEs. SMEs account for 70 percent of MENA employment and 30 percent of MENA gross domestic product.  “It is a well-known feature of the Lebanese economy that it produces an amazing amount of high-quality and highly talented entrepreneurs, so much so that they end up emigrating and succeed all around the world,” said Tom Speechly, chief executive officer of RED. “The aim of this fund is to encourage Lebanese entrepreneurs to stay in the country.”  The Lebanese SME fund has