Rasmala buys majority stake in Omani firm

Dubai: Rasmala Investments Holdings has announced that is has acquired 70 per cent of Al Qurum Financial Investment Co. LLC. (Qinvest), an Omani brokerage company established in 1995.

Commenting on the announcement, Ali Al Shihabi, founder and CEO of Rasmala Investments Holdings Limited said: "The buyout of Al Qurum comes as part of Rasmala's ongoing expansion in the region. Al Qurum, given its strong position and stature in the Omani financial market, is an ideal choice for us".

Upon the completion of the acquisition, Al Qurum will change its name to Rasmala Investments (Oman) LLC and will increase its capital and activities to offer new investment services. This entity will become the latest addition to Rasmala Investments Holding, following the recent announcement of the acquisition Rasmala made in Egypt of 51 per cent of the Delta Financial Group.

Shaikh Abdul Malek Abdullah Al Khalili, chairman of Rasmala Investments (Oman) LLC, said, "We look forward to the role that Rasmala will play in contributing to the development of the financial services sector in Oman. We value Rasmala's stature and expertise and know that they will make a positive contribution in making Rasmala Investments [Oman] a leading investment house in the Sultanate."