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Al Mal Capital to set up investment firm

DUBAI — Al Mal Capital PJSC, to be established as an investment company, in the UAE has been officially provided an initial approval by the UAE Central Bank to set up an investment company in the UAE.

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 capitalised with a total of Dh.1.2 billion.

Out of this, Dh 540 million (45 per cent) will be held as founder shares and the remaining Dh 660 million (55 per cent) will be raised in an IPO, intended for July 2005.

The company, led 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.

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.’’

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.

Al Mal Capital, plans to identify proprietary investment opportunities, whilst providing underwriting capacity to companies that seek to introduce securities to the capital markets.

“Our aim is to provide a premier service to investors who are actively seeking advisory assistance from professionals in the market’’, said Nabulsi.

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.