Dubai: Shuaa Capital’s unit Gulf Finance Corporation in Saudi Arabia said on Tuesday it has received a new operating license from the Saudi Arabian Monetary Agency (SAMA) to be a private closed joint stock company regulated by the agency.
“As one of the first non-bank lenders operating in the GCC, we see tremendous potential in the Saudi Arabian SME market,” said Shaikh Maktoum Bin Hasher Al Maktoum, Executive Chairman of Shuaa Capital and Chairman of Gulf Finance Corporation in Saudi Arabia.
In order to qualify for the license, Gulf Finance Corporation had to commit a minimum capital of 100 million Saudi riyals. The license will allow the company to continue operations in Saudi Arabia, providing Sharia compliant financing products.
