Hazem Barakat
Mr. Barakat co-founded Beltone Private Equity in partnership with Beltone Financial, with the vision to capitalize on his industry and operational expertise to invest in domestic and regional businesses with potential growth. Since joining the business, he has led the creation of three funds, including Beltone Capital, an opportunistic fund capitalized at US$ 85 million and valued at US$ 171 million. Other funds are Beltone Investment Group, a buyout fund which led the tender of Nasr City Housing and Development, capitalized at US$ 76 and currently valued at US$ 291 million, in addition to Beltone Retail, with total capital commitments of US$ 58 million.
Mr. Barakat is also CEO of MIRACO-Carrier, which he co-founded as MIRACO in 1979 with its Chairman, Mr. Adel Barakat, to manufacture air-conditioners and residential and industrial refrigerators. Since 1982, Mr. Barakat has held various positions in the company's Manufacturing, Sales, Service, and Contracting divisions. In 1989, he moved to executive management, where he eventually orchestrated in 1992 the partnership with Carrier Corporation, a subsidiary of United Technologies Corporation. In 1996, Carrier expanded its holdings from 20% to 60%. The Barakat family owns 20%, with the balance publicly traded. MIRACO-Carrier has one of the largest manufacturing facilities of its kind in the Middle East. It is the market leader in the air-conditioning industry in Egypt with over 50% market share and the sole provider of an integrated range of products and services for industrial and residential sectors.
In 1999, Mr. Barakat established the Egyptian Confectionary Company and in 2001, he established the Engineering Plastic Manufacturing Company, which specializes in plastic injection forengineering products and packaged food. The factory is the only one of its kind in Egypt and one of the top five in the Middle East.
Mr. Barakat is an experienced industrialist with in-depth knowledge of several industry types, diverse market segments and a wide range of operational areas. In addition, he is an experienced investor in private equity ventures as well as an accomplished business strategist. Through MIRACO, he developed an extensive distribution network which is unparalleled by local industry standards. He is responsible for a highly successful retail credit operation, one of the most challenging and relevant topics areas in Egypt with the rise of retail banking and the growth of domestic demand. Mr. Barakat has firsthand experience of distribution, industrial service and the retail sector. He has practical knowledge of business start-ups, successful management of the development phase, and capital markets interaction.
Mr. Barakat graduated from the New York Institute of Technology in 1982 with a B.Sc. in Mechanical Engineering. He is currently a member of the Advisory Council of the School of Business, Economics, and Communication at the American University in Cairo and a Trustee of the Egyptian Economic Forum. He is also a member of the American Chamber of Commerce, the British Egyptian Business Association, and the Egyptian Businessmen's Association. Previous directorships include the Egypt-US President's Council.