Oasis International Leasing Company PJSC, the UAE’s leading big-ticket leasing company, today signed a joint venture agreement with the United Kingdom’s Blenheim Capital Partners Limited, a joint venture between Summit Overseas Development Ltd and Barclays Capital, to establish Al Waha Financial Services (AWFS).
AWFS will be capitalised with an authorized capital of AED 50 Million. Oasis Leasing will invest 60 percent of the initial capital of AED 50 million and Blenheim Capital Partners will invest 40 percent. The new company will seek approval from the regulatory authorities in the UAE."
The joint venture agreement was signed by Oasis Chairman, Hussain Al Nowais, and Mr. Grant Rogan, Chairman and CEO of Blenheim Capital Services (on behalf of its affiliate, Blenheim Capital Partners Limited).
AWFS will specialize in structured finance and risk management solutions. AWFS will initially focus on meeting the market demand for this specialized service in the UAE and the Middle East and North Africa (MENA) region.
Hussain Al Nowais described the joint venture as part of a strategic expansion for Oasis and part of a larger diversification and restructuring programme. "This strategic partnership provides us with an ideal platform to address the growing demand for specialized financial services in the national and regional markets. Al Waha Financial Services will also seek to leverage the new opportunities that are emerging from the rapid economic development in the MENA region. We are confident that this injection of capital by Oasis will result in excellent returns, ultimately benefiting the country and Oasis’ shareholders.”
Grant Rogan commented: “We are very excited about the long-term strategic partnership with Oasis Leasing. Blenheim and its shareholders have had a long-standing relationship with Oasis, which enjoys a great reputation in the region and whose involvement in AWFS will bring tremendous support and value to the new business.
“Blenheim’s participation in this new company further demonstrates our on-going commitment to the UAE and the Gulf region as a whole. We look forward to being a part of its continuing success story.”
Oasis Leasing announced a restructuring plan early this year, which was approved at the annual general meeting in May. As part of the restructuring, Oasis Leasing will become “Al Waha Capital” under which four subsidiaries will be established: ‘Al Waha Leasing’, ‘Al Waha Land’, ‘Al Waha Maritime’ and ‘Al Waha Financial Investment’.
