Al Mal Capital PJSC [Under Formation], a UAE investment company, has been officially provided an initial approval by the UAE Central Bank to set up an investment company in the UAE.
The company, spearheaded by prominent UAE banker Naser Nabulsi, is under formation as a well-capitalized, multi-line investment banking enterprise. Its primary businesses will include capital markets and investment banking, including advisory, placement and underwriting, together with asset and wealth management. The company will also seek a brokerage licence to complement its full range of investment services.
On completion of its formation with both the Ministry of Planning and Economy and the Department of Economic Development in Dubai, the company will be capitalized with a total of Dh.1.2 billion. Of this, Dh 540 million (45%) will be held as founder shares and the remaining Dh 660 million (55%) will be raised in an IPO, intended for July 2005.
The 82 Founding Shareholders of Al Mal Capital represent a select cross-section of leading UAE national families and institutions, and also includes three strategic regional industry participants.
Mr. Nabulsi stated, “This is a truly homegrown pan-UAE institution that intends to establish offices in Dubai and Abu Dhabi, with a listing on the Abu Dhabi Securities Market. We express our sincerest thanks and gratitude to the UAE Central Bank for granting us the approval to proceed. It is a wonderful opportunity to further develop the capital markets and introduce new, innovative tools to enhance and protect the wealth of investors in the region.”
Al Mal Capital’s initial capital base places it in the top echelon of regional investment companies. The company plans to identify proprietary investment opportunities, whilst providing underwriting capacity to companies that seek to introduce securities to the capital markets. Managed on a day-to-day basis by a team of reputed investment bankers with successful track records and experience in the region, Al Mal Capital intends to uphold the highest standards of integrity in corporate governance and the quality of their operations
“Our aim is to provide a premier service to investors who are actively seeking advisory assistance from professionals in the market”, said Nabulsi. “In very short order, it is our intention to radically change the quality of advice and professional investment services available to companies and private investors in the UAE, and through strategic alliances with regional financial institutions in the broader region.”
Nabulsi and his Founders’ Committee plan to continue to build the platform, technology base and team in advance of a formal launch of Al Mal Capital in the fourth quarter of 2005. “The idea behind Al Mal Capital is one whose time has come here in the region. We are excited by the potential of the market and the business opportunities available to us, in advance of the company’s official launch,” said Nabulsi. “The value proposition we intend to present is currently unsurpassed in the UAE. With our elite list of founders, our significant capital base, our research and innovation-driven approach and our strong management team, we are poised to gather significant market share and raise standards to new levels in our intended business lines. The opportunity provided to us by the wise leadership of the UAE and by the Central Bank drives us to fulfill this vision.”
