Private equity group, Abraaj Capital, has raised $375 million from existing shareholders via rights issue or cash call

The Dubai-based buy-out firm will be using the proceeds from the sale to invest in real estate and small businesses starting early 2010.

Abraaj is setting up a $500 million vehicle to invest in regional commercial real estate and a $200 million fund to invest in small and medium-sized enterprises. The firm is also looking at aviation, logistics, education and healthcare sectors in Egypt, Saudi Arabia and the UAE for expansion.