The Abu Dhabi Emirate Executive Council has issued the approval for the incorporation of an investment company capitalized at 200 million Emirati dirhams ($54 million).
The establishment of the new Finance House as a public joint stock company has also been approved by the Central Bank of the United Arab Emirates (UAE), Ministry of Commerce and Trade and the Abu Dhabi Municipality.
The major founders of Finance House, Abu Dhabi Investment
Company (ADIC) and the National Investor launched the new firm as an integrated finance company providing financing products and services to individual, corporate and government clients.
The founders are subscribing for 45 percent (Dh 90 million) of the company's capital and 55 percent will be offered to public subscription in April. A number of banks will participate in the offering, as well as and for the first time, a number of brokerage firms. Public subscription will be available for UAE nationals only. — (menareport.com)
© 2004 Mena Report (www.menareport.com)
