Sheikh Saqer bin Ahmed bin Sultan Al Qassimi, on Saturday announced the setting up of a private equity investment company – The Group – with a capital of AED200 million.
The new Sharjah-based company will focus on tapping potential investment opportunities in all the emirates in the UAE. The company will specifically target the UAE youth by offering them a chance to benefit from the unlimited prospects the booming investment sector throw up.
"Subscriptions to the newly established company, which will be limited to UAE nationals, will open on July 16, 2005 with each share priced at AED1000. UAE nationals under the age of 18 will be eligible to subscribe with a minimum investment of AED2000. For those above 18, the minimum subscription limit is kept at AED20,000. For corporates and financials institutions, the minimum investment limit is pegged at AED 100,000," said Sheikh Saqer bin Ahmed bin Sultan Al Qassimi, Chairman of The Group.
"Sheikh Saqer will have 30% equity stake in The Group to support this remarkable investment venture. He will also be the Chairman of The Group in order to devise the company's strategy and its future course. Sheikh Saqer will participate in all the company's efforts to ensure that shareholders receive superior returns on their investments. We are already working on development plans for new real estate and recreational projects in the UAE," said Mr. Sulaiman Al Fahim, CEO, The Group.
Mr. Al Fahim also pointed out that The Group plans to have a UAE national woman on the board of directors. "The decision reflects the importance we place on the role of women in the corporate world and exhibits our faith in the skills and capabilities of national women. We are keen to give national women an opportunity to participate in chalking out business strategies for our future. We consider this an important step in accelerating UAE women's contribution to the overall development of the economy," said Mr. Al Fahim.
"The Group has already received initial approval from the Economic Department of Sharjah for establishing the company. As the next step, the founders committee will be applying to the Ministry of Economy and Planning for an official permission to establish the company. Once this permission is received, we will register the company and make a formal announcement," added Mr. Al Fahim.
Recent developments in the UAE have opened up diverse opportunities for the investment sector. The idea of launching The Group comes on the back of such opportunities and the need for projects, which will be significantly different. The company's objectives are to invest in owning and managing existing projects, and taking up new ones, apart from participating in various tenders. In addition to this, the company will also be looking carefully into specific categories of investment opportunities, which play a crucial role in accelerating the growth of the UAE economy, according to the company's promoters.
