Business | Banking
Mubadala sets up new finance firm in Abu Dhabi
Mubadala Development Company, Waha Capital, A.A. Al Moosa Enterprises and Fullerton Financial Holdings (FFH) on Sunday signed an agreement to incorporate Dunia Finance, a new finance company headquartered in Abu Dhabi.
- Staff Report
- Published: 00:02 July 7, 2008
Dubai: Mubadala Development Company, Waha Capital, A.A. Al Moosa Enterprises and Fullerton Financial Holdings (FFH) on Sunday signed an agreement to incorporate Dunia Finance, a new finance company headquartered in Abu Dhabi.
Dunia will have a nationwide presence across the UAE and will focus on the retail and small business segments in the UAE to provide a range of loans, credit cards and financial planning services, as well as deposits for non-individual customers.
Led by a senior management team with experience in global finance operations, Dunia will adopt a customer-centric approach through investment in state-of-the-art technology and capabilities.
The finance company will also forge partnerships with service providers.
Waleed Al Mokarrab Al Muhairi, chief operating officer of Mubadala, said, "We are very excited by this announcement, which marks our first project in the consumer finance sector in the UAE.
World-class services
"This partnership is a first step towards introducing world-class financial services to the market, aimed at the rapidly growing customer segments, which are vital for the continued growth and prosperity of the UAE and its citizens."
Rajeev Kakar, the CEO-designate of the proposed finance company and the regional Head of Fullerton in the CEEMEA region said, "Dunia means 'the world' in Arabic and in several other languages spoken in the UAE. Dunia Finance aims to offer its UAE customers a world of opportunities."
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