Markets Magazine
Citadel Says Investors Wary of Africa Should Buy Bonds
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As he peers out his Cairo office window at the shimmering Nile River below, Ahmed Heikal offers a visitor his vision of an Egyptian-led African transport revolution.
Heikal, chairman and founder of Citadel Capital SAE, an Egyptian private-equity firm, wants to link his country by a river and rail system from the Mediterranean port of Damietta to Mombasa, the Kenyan city about 4,000 kilometers (2,485 miles) away that lies on the coast of the Indian Ocean. The $650 million effort, designed to help Egypt and other African countries move goods throughout the continent and beyond, began two years ago with a deal to transport 750,000 tons of coal and coke along the Nile, Bloomberg Markets reports in its December issue.