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Mubadala enters domestic consumer finance

ABU DHABI - Mubadala Development Company (Mubadala) has entered into the consumer finance sector by launching a joint venture company to provide a range of loans, credit cards, financial planning services and as well as deposits for non-individual customers.

Mubadala has joined hands with Waha Capital along with A.A. Al Moosa Enterprises and Fullerton Financial Holdings Pte Ltd (FFH) ,a subsidiary of Singapore’s Temasek Holdings, to incorporate the new establishment to be called ‘Dunia Finance LLC.

The company will deploy a unique customer-centric approach, enabled through investment in state–of–the-art technology and capabilities, and partnerships with service providers who excel in their individual areas of expertise.

Waleed Al Mokarrab Al Muhairi, chief operating officer of Mubadala said that this venture is the first project in the consumer finance sector in the UAE. “This partnership is aimed at the rapidly growing customer segments, which are vital for the continued growth and prosperity of the UAE and its citizens.”

Samer R Alhaj, CEO of Waha Capital said that the company will address the growing demand for specialised financial services in the UAE.

He said the new finance company will leverage the new opportunities that are emerging and serve the growing population as a result of the rapid economic development in recent years, which is expected to continue in the future.

Francis Rozario, CEO of Fullerton Financial Holdings said that the dynamism of UAE’s macro-economic environment and strong fundamentals of high economic and population growth provide an excellent opportunity to invest for the long term and create strong value for our customers and shareholders.

Rajeev Kakar, the CEO-designate of the new company said given UAE’s socio-economic, cultural and ethnic diversity, the level of financial sophistication of the target customer profile varies and each has unique needs, many of which are currently under-served.