Business | Banking
Mawarid Finance acquires Al Jazeera
Mawarid Finance has acquired Al Jazeera Financial Services, which is specialised in the field of financial intermediation in the UAE, the company said in a statement, without revealing the value of acquisition.
- Staff Report
- Published: 00:05 April 28, 2008
Dubai: Mawarid Finance has acquired Al Jazeera Financial Services, which is specialised in the field of financial intermediation in the UAE, the company said in a statement, without revealing the value of acquisition.
Al Jazeera was launched as a private equity company in Dubai in 2005 with a paid-up capital of Dh30 million. It has posted high profits ever since it began operations with a client base of more than 15,000.
As a financial intermediation affiliate of Mawarid Finance, Al Jazeera will continue with financial intermediation as its main activity.
The company's activities are concentrated in the Dubai Financial Market and Abu Dhabi Securities Market.
The acquisition of Al Jazeera Financial Services comes after Mawarid Finance became an establishing member in the association of leading investors who set up First Investment Bank in Bahrain.
Business Editor's choice
-
‘Wrong Way' Krugman
The source of our economic malfunction lies with government-mandated bank regulations
-
Greek exit could make Eurozone stronger
Departure will show limits of bailouts and allow remaining members to act much more like a unit
-
UAE upholds values of free trade
Recently released statistics confirm an established fact, namely that of the UAE embracing the free trade principle in general and imports in particular
