The UAE Central Bank has approved the setting up of Al Noor Capital as a general shareholding company specialised in investment and financial services with a capital of Dh1 billion.
The company still needs approvals from the Ministry of Economy and Planning and other authorities concerned.
Abdul Jabbar Al Sayegh, deputy chairman and spokesman of the founders' committee, said the founders will fund 45 per cent of the company's capital. The company, headquartered in Abu Dhabi, will be a key player in the field of stock markets in Gulf, Indian Subcontinent and some Arab markets.
The Emirates Centre for Financial Services, affiliated to the UAE Central Bank, will be in charge of the management of the company's Dh550 million initial public offering (IPO) with a nominal value of Dh1 per share and 2 fils as administrative expenses.
A group of national banks in Abu Dhabi and Dubai will receive subscription applications from subscribers wishing to contribute to the public subscription. The IPO will be open for investors of various nationalities from the UAE and abroad, Al Sayegh said.
The company's activities will involve stock markets, entering into partnerships with other investment companies, the management of initial public offerings and financial brokerage in the region and foreign markets.
The committee of founders include Dr Manei Saeed Al Otaiba and Dr Rashid Bin Shabib, Faisal Galadari and Fawzi Subaih Al Subaih.
To ensure a high level of professionalism, Al Noor Capital will appoint a consultative body consisting of 11 international figures. The body will be chaired by a prominent figure.
The company, headquartered in Abu Dhabi, will be a key player in the field of stock markets in Gulf, Indian Subcontinent and some Arab markets.
