Abraaj Adds Permal Middle East Chief

May 30 2008 | 2:00am ET

Dubai-based private equity firm Abraaj Capital is branching into hedge funds, hiring Ahmed Nashaat from Legg Mason’s hedge fund unit.

Nashaat has served as regional director for the Middle East at the Permal Group. He will join Abraaj next month with a mandate to build a team of about a dozen traders of Middle Eastern and South Asian securities.

Abraaj has already raised about US$300 million for non-private equity investments. Its third Special Opportunities Fund, set to open next month, may increase that non-p.e. component by another US$700 million.

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