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Dh200m Private equity investment firm formed

DUBAI — Shaikh Saqer bin Ahmed bin Sultan Al Qassimi, announced the setting up of a private equity investment company — The Group with a capital of Dh200 million.

Shaikh Saqer bin Ahmed bin Sultan Al Qassimi, chairman, The Group, said: "The new Sharjah-based company will focus on tapping potential investment opportunities in all the emirates in the UAE. The company will specifically target UAE youth by offering them a chance to benefit from the unlimited prospects the booming investment sector throw up.

The subscriptions to the newly established company, will be limited to UAE nationals and will open on July 16, 2005 with each share priced at Dh1000. The UAE nationals under the age of 18 will be eligible to subscribe with a minimum investment of Dh2000. For those above 18, minimum subscription limit is placed at Dh 20,000. For corporates and financials institutions, the minimum investment limit is pegged at Dh100,000.

Sulaiman Al Fahim, chief executive officer, The Group, said: "Shaikh Saqer will have 30 per cent equity stake in The Group to support this investment venture. We are already working on development plans for new real estate and recreational projects in the UAE. The company plans to have a UAE national woman on the board of directors.

The decision reflects the importance we place on the role of women in the corporate world and exhibits our faith in the skills and capabilities of national women. We are keen to give national women an opportunity to participate in chalking out business strategies for our future. We consider this an important step in accelerating UAE women's contribution to the overall development of the economy."

The Group has already received initial approval from the Economic Department of Sharjah for establishing the company. As the next step, the founders committee will be applying to the Ministry of Economy and Planning for an official permission to establish the company.