Mawarid Finance acquires Al Jazeera

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.