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  • September 2016 (Revised March 2018)
  • Case
  • HBS Case Collection

Qalaa Holdings and the Egyptian Refining Company

By: Victoria Ivashina and Marc Homsy
  • Format:Print
  • | Language:English
  • | Pages:17
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Abstract

This case follows Qalaa Holdings, a successful Egypt-based private equity firm, and gives insight into the types of investments it pursued, its growth over time, and the limited partner base it had at hand. It also allows students to consider and debate whether the traditional private equity fund structure can be applied in Africa. In particular, the case focuses on one of Qalaa’s largest and most difficult greenfield infrastructure projects: Egyptian Refining Company. It tracks the project from its structuring stage in 2007, through the adverse periods of the global financial crisis and Arab Spring, until 2012. At this time, Hisham El-Khazindar, co-founder and managing director, had to decide on the fate of the project. While passionate about contributing to Africa’s development, he could not ignore the challenges: the sheer size and complexity of the project, the high financial stakes, and the region’s on-going unstable political environment.

Keywords

Africa; Structuring And Financing Large Projects; Private Equity; Infrastructure; Project Finance; Emerging Markets; Financial Services Industry; Egypt; Africa

Citation

Ivashina, Victoria, and Marc Homsy. "Qalaa Holdings and the Egyptian Refining Company." Harvard Business School Case 217-011, September 2016. (Revised March 2018.)
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About The Author

Victoria Ivashina

Finance
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Related Work

    • June 2017
    • Faculty Research

    Qalaa Holdings and the Egyptian Refining Company

    By: Victoria Ivashina and Jeffrey Boyar
    • September 2016 (Revised March 2018)
    • Faculty Research

    Qalaa Holdings and the Egyptian Refining Company

    By: Victoria Ivashina and Marc Homsy
Related Work
  • Qalaa Holdings and the Egyptian Refining Company By: Victoria Ivashina and Jeffrey Boyar
  • Qalaa Holdings and the Egyptian Refining Company By: Victoria Ivashina and Marc Homsy
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