More vertiports will be set up in strategic locations across Abu Dhabi, including major business hubs and tourism destinations
Dubai: Dubai Investments (DI), an investment company listed on the Dubai Financial Market (DFM), has completed acquisition of a 59.66 per cent stake in Al Mal Capital, which when allied to the 1.20 per cent already held by the company, equates to an overall shareholding of 60.86 per cent.
Established in 2005, Al Mal is an investment institution, licensed and regulated by the UAE Central Bank and headquartered in Dubai. Al Mal offers a range of investment products spread across its business lines of investment banking, brokerage and asset management.
The acquisition paves the way for DI to enter the financial services sector and adds a strategic element to its diversified investment base.
Al Mal recently held its first board meeting post the acquisition, during which the company’s strategy and growth plans were discussed. The board also gave the goahead for appointment of a consultant to work on aligning Al Mal’s strategy with DI requirements.
Al Mal, through its investor network, provides DI an opportunity to expand its geographical footprint while also giving it the opportunity to significantly strengthen its assets under management.
Khalid bin Kalban, managing director and CEO of Dubai Investments and chairman of Al Mal, said: “We are well positioned to capitalise on Al Mal’s operational expertise and disciplined approach to risk management. Al Mal’s expertise in asset management, mergers and acquisitions, public and private placements coupled with its brokerage services enhance DI’s in-house capabilities in managing its investment activities while at the same time providing a steady pipeline of deal flow to Al Mal.”
He added: “We have been eyeing an entry into the financial services sector for some time and the integration of Al Mal into the DI Group gives us the edge that we need as we continue our drive towards delivering even more value to our stakeholders.”
Dubai Investments’ acquisition of Al Mal Capital and foray into the financial services sphere comes after strong, long-term growth indicators in the sector, driven by diversifying economies, investment opportunities and favourable regulations across the Gulf and Middle East, which are expected to attract capital inflow to the region.
business@khaleejtimes.com
More vertiports will be set up in strategic locations across Abu Dhabi, including major business hubs and tourism destinations
Kerala will decide the fate of 194 candidates as polling on all 20 parliamentary constituencies will be held in the second phase
Pecker is a key witness in the case against the former US president, who is accused of falsifying business records to cover up hush-money payment
The oil and gas conglomerate and Fifa, the world governing body, sign major sponsorship agreement
Toomaj Salehi risks being hanged after the conviction on the Shariah charge of "corruption on Earth" by a Revolutionary Court
Aid groups warn any invasion would add to already-catastrophic conditions for Gaza's 2.4 million people
The American they will face Australia and Serbia on July 15 and July 17 as part of their preparation for the Paris Olympic Games
The leaders emphasise that the deal to release the hostages would bring an immediate and prolonged ceasefire in Gaza