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Abraaj sells stake in Maktoob.com

Dubai private equity firm says in statement internal rate of return from sale is more than 75%.

Dubai-based private equity firm Abraaj Capital said on Sunday one of its funds had sold its stake in Arabic-language Internet portal Maktoob.com to Tiger Global Management.

Abraaj did not say for how much it sold the stake, first acquired in 2005. It said in a statement the internal rate of return from the sale was more than 75%.

Abraaj said in October it aims to raise about $1 billion selling shares in an initial public offering (IPO) next year to finance the acquisition of a Middle East finance company.

It said earlier this month it had sold a stake in Arabtec Holding, making a 13-fold return on its investment in three years.

Jordan-based Maktoob.com operates an Arabic-language search engine, matrimonial service, sports community and other web-based services. (Reuters)