DUBAI Jan 30 U.S. private equity firm
Carlyle Group's Middle East head Walid Musallam is
leaving the firm following disagreement over the company's
strategy in the region, two sources told Reuters on Monday.
Musallam, who joined Carlyle in November 2006 as its
managing director and head of the Middle East and North Africa
fund, was instrumental in setting up offices and raising a $500
million fund to invest in the region.
Musallam declined to comment when called. Carlyle's
spokeswoman could not be reached immediately.
One of the sources said that the differences surrounded the
closure of Carlyle's office in Egypt last year due to political
uncertainty in north Africa's largest economy.
Prior to joining Carlyle, Musallam was CEO of Abu Dhabi
Investment Company, later to become InvestAD.
Carlyle has offices in the United Arab Emirates, Turkey and
Earlier this month, Carlyle bought a 48-percent stake in
Bahcesehir Koleji, a Turkish education company, marking the U.S.
private equity group's third investment in Turkey and the fifth
regional transaction made by its Middle East and North Africa
fund, set up in 2009.
Carlyle also acquired a 42-percent stake in Saudi Arabia's
Alamar Foods, the master franchise operator for Domino's Pizza
and Wendy's restaurants in the Middle East and
This was the group's second acquisition in Saudi Arabia, the
Arab world's largest economy, following its 30 percent
investment in Saudi Arabia's General Lighting Company in March