Ahmed Bin Brek, CEO of MAF Ventures LLC, met representatives of JCB, Japan's leading credit card company, and ORIX Corporation (ORIX), an integrated financial service provider, in Japan on 26th January to seal the agreement.
The parties to the agreement will have equal stakes in joint venture company MAF JCB Card PJSC, the new company which will launch the Group's credit card business in the Middle East and North African (MENA) region. MAF JCB Card PJSC will have its headquarters in Dubai, UAE.
The company plans to begin issuing its credit cards in July 2007, and will target customers using the Majid Al Futtaim Group's malls and other facilities. Mr. Bin Brek said: "This initiative marks a new direction for Majid Al Futtaim Group and extends its customer offering. We are proud to have as our partners two of Japan's finest financial institutions and their involvement signals our determination to offer a premium service to users of the Group's malls and other customers throughout the MENA region."
He added, "In terms of our strategy this joint venture is a stand-alone project with obvious synergies with the Group's core activities. It will drive revenue for the company while increasing our customers' buying power."
The blueprint for the joint venture forecasts that 150,000 cards will be issued in the first five years of operation. MAF JCB Card PJSC will also develop partnerships with financial institutions for JCB card issuing and merchant acquiring businesses.
JCB, a renowned global payment brand and the leading credit card issuer and acquirer in Japan, has been actively pursuing growth in the MENA region since 1987. It issued its first card in the region in Bahrain n 2005 and has since consolidated its network with a particular focus on the UAE where it signed agreements with major partners such as Mashreq Bank in 1996, National Bank of Dubai in 1997, and Network International in December 2006.
Mr. Hiroya Nobuhara, President and CEO of JCB, said: "This is a big step forward for JCB as we pursue our policy of expanding our operations in the MENA region. This venture offers a tremendous opportunity to make progress in one of our main target markets."
Mr. Yasuhiko Fujiki, President and COO of ORIX, added: "ORIX and JCB have had a comprehensive business tie-up since 2005. This is a significant milestone for us as this new company is our first joint venture outside Japan under this partnership."
Mr. Fujiki emphasized that the MENA region has long been a principal target market for ORIX and JCB. Since setting up its leasing business in Pakistan in 1986, ORIX has opened six offices - including joint ventures - in five countries in the MENA region. Mr. Fujiki said: "We anticipate the joint business with JCB in the UAE will generate good synergies for both of our businesses in the MENA."
As part of ORIX's strategy in the MENA, ORIX joined Majid Al Futtaim Group, the region's most prominent property developer, to create MAF ORIX Financial PJSC in the UAE in 2002. Since then, ORIX and Majid Al Futtaim Group have teamed up on joint ventures in four countries.
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Majid Al Futtaim Group ties up with Japan's top finance houses to launch premium credit cards
- United Arab Emirates: Saturday, January 27 - 2007 at 13:53
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Majid Al Futtaim Group, the region's most prominent property developers has signed a joint venture agreement with two of Japan's leading financial institutions to launch a range of premium credit cards in the UAE.
from left to right :- Mr. Yasuhiko Fujiki, President & COO, ORIX Corporation, Mr. Ahmed Bin Brek, CEO, MAF Ventures LLC, Mr. Hiroya Nobuhara, President & CEO, JCB Co.,Ltd. and Mr. Kunio Yoshizawa, President & COO, JCB International Co.,Ltd.
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Posted by Lara Lynn Golden, News EditorSaturday, January 27 - 2007 at 13:53 UAE local time (GMT+4)
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About MAF JCB Card PJSC (tentative)
Capital: 100 million UAE dirham
Establishment: 2007 February
Headquarter: Dubai, the United Arab Emirates
Employee: 40
Business Area: Issuing Credit Cards, Developing License Partnerships
About JCB
JCB is an international credit card brand and the largest card issuer and acquirer in Japan. JCB launched its card business in Japan in 1961 and began expanding overseas in 1981. Its merchant network includes 14 million merchants and spans 190 countries and territories. JCB cards are now issued in 20 countries and territories, with 59 million card members. As part of its international growth strategy, JCB has formed alliances with more than 350 leading banks and financial institutions globally to increase merchant coverage and card member base. As a comprehensive payment solutions provider, JCB commits to provide responsive and high-quality service to all customers all over the world. For more information, please visit: www.jcb-global.com/english/ or www.jcbcorporate.com/english/.
About ORIX
ORIX Corporation (TSE: 8591; NYSE: IX) is an integrated financial services group based in Tokyo, Japan, providing innovative value-added products and services to both corporate and retail customers. With operations in 23 countries and regions worldwide, ORIX's activities include corporate financial services, such as leases and loans, as well as automobile operations, rental operations, real estate-related finance, real estate, life insurance, and investment banking. For more details, please visit our website at: www.orix.co.jp/grp/index_e.htm
About MAF ORIX Finance PJSC.
MAF ORIX Finance PJSC is a joint venture between MAF Trust LLC., ORIX Leasing Pakistan and ORIX Corporation which is Japan's largest leasing and leading diversified financial services company with assets in excess of US$ 61 billion and subsidiaries & associates in 24 countries worldwide. MAF ORIX Finance PJSC is one of the regional ORIX operations established in 2002. MAF Trust LLC. is the majority shareholder which also has direct and indirect shareholdings in the regional ORIX franchise with presence in Saudi Arabia, Oman, Egypt, and Pakistan.
As the first specialized leasing company in the United Arab Emirates, the company provides lease financing of moveable assets primarily industrial machinery and equipment, generators and commercial vehicles to meet the equipment financing needs of the Country's various industrial and service sectors with particular emphasis on Small and Medium-sized Enterprises (SMEs). MAF ORIX Finance PJSC is also preparing to provide additional financial services including factoring, cheque discounting, rental financing, L/Cs financing etc. to meet short term financing requirements of the diversified industry business segments.
MAF ORIX Finance PJSC is lead by team of professional and dedicated staff with special expertise in lease financing, and have strong network with local suppliers and ORIX's associates worldwide. MAF ORIX Finance PJSC has also a branch in Sharjah to meet the growing demand of leasing and other financial products of companies situated in Northern Emirates.
MAF ORIX Finance PJSC vision is to provide vital financing assistance to various industrial and service entities with particular support to SMEs which boost the economic strength of the UAE and the region.
About Majid Al Futtaim Group:
Majid Al Futtaim Group LLC. is the region's most prominent property developer. The Group opened the first shopping mall in 1995 and has since created businesses of international significance which have changed the face of shopping, entertainment and leisure in the Middle East and North Africa (MENA).
Over the past decade Majid Al Futtaim Group LLC. has taken its groundbreaking concepts across the region to Oman, Qatar, Saudi Arabia, Bahrain, Egypt, Lebanon and now Syria. The Group consists of four major operating subsidiaries including: MAF Properties LLC. (MAF Hospitality, MAF Shopping Malls, MAF Developments, MAF Investment), MAF Trust LLC.(MAF ORIX), MAF Retail LLC. (MAF Hypermarkets) and MAF Ventures LLC. (MAF Fashion, MAF Dalkia, MAF Greater Union)
For additional information of the Majid Al Futtaim Group kindly visit www.majidalfuttaim.com
Media Inquiries
Kazumi Kinoshita
International Strategy Planning
JCB Co., Ltd.
Tel: +81 3 5778 8390
Fax: +81 3 5778 8377
Raymond Spencer or Yui Takamatsu
Corporate Communications
ORIX Corporation
Tel: +81-3-5419-5042
Fax: +81-3-5419-5901
URL: www.orix.co.jp/index_e.htm
For additional press information, kindly contact:
Patricia Tellis / Amer Aidi
Promoseven Weber Shandwick Dubai
Tel: +971 4 321 0077
Fax: +971 4 321 1711
Capital: 100 million UAE dirham
Establishment: 2007 February
Headquarter: Dubai, the United Arab Emirates
Employee: 40
Business Area: Issuing Credit Cards, Developing License Partnerships
About JCB
JCB is an international credit card brand and the largest card issuer and acquirer in Japan. JCB launched its card business in Japan in 1961 and began expanding overseas in 1981. Its merchant network includes 14 million merchants and spans 190 countries and territories. JCB cards are now issued in 20 countries and territories, with 59 million card members. As part of its international growth strategy, JCB has formed alliances with more than 350 leading banks and financial institutions globally to increase merchant coverage and card member base. As a comprehensive payment solutions provider, JCB commits to provide responsive and high-quality service to all customers all over the world. For more information, please visit: www.jcb-global.com/english/ or www.jcbcorporate.com/english/.
About ORIX
ORIX Corporation (TSE: 8591; NYSE: IX) is an integrated financial services group based in Tokyo, Japan, providing innovative value-added products and services to both corporate and retail customers. With operations in 23 countries and regions worldwide, ORIX's activities include corporate financial services, such as leases and loans, as well as automobile operations, rental operations, real estate-related finance, real estate, life insurance, and investment banking. For more details, please visit our website at: www.orix.co.jp/grp/index_e.htm
About MAF ORIX Finance PJSC.
MAF ORIX Finance PJSC is a joint venture between MAF Trust LLC., ORIX Leasing Pakistan and ORIX Corporation which is Japan's largest leasing and leading diversified financial services company with assets in excess of US$ 61 billion and subsidiaries & associates in 24 countries worldwide. MAF ORIX Finance PJSC is one of the regional ORIX operations established in 2002. MAF Trust LLC. is the majority shareholder which also has direct and indirect shareholdings in the regional ORIX franchise with presence in Saudi Arabia, Oman, Egypt, and Pakistan.
As the first specialized leasing company in the United Arab Emirates, the company provides lease financing of moveable assets primarily industrial machinery and equipment, generators and commercial vehicles to meet the equipment financing needs of the Country's various industrial and service sectors with particular emphasis on Small and Medium-sized Enterprises (SMEs). MAF ORIX Finance PJSC is also preparing to provide additional financial services including factoring, cheque discounting, rental financing, L/Cs financing etc. to meet short term financing requirements of the diversified industry business segments.
MAF ORIX Finance PJSC is lead by team of professional and dedicated staff with special expertise in lease financing, and have strong network with local suppliers and ORIX's associates worldwide. MAF ORIX Finance PJSC has also a branch in Sharjah to meet the growing demand of leasing and other financial products of companies situated in Northern Emirates.
MAF ORIX Finance PJSC vision is to provide vital financing assistance to various industrial and service entities with particular support to SMEs which boost the economic strength of the UAE and the region.
About Majid Al Futtaim Group:
Majid Al Futtaim Group LLC. is the region's most prominent property developer. The Group opened the first shopping mall in 1995 and has since created businesses of international significance which have changed the face of shopping, entertainment and leisure in the Middle East and North Africa (MENA).
Over the past decade Majid Al Futtaim Group LLC. has taken its groundbreaking concepts across the region to Oman, Qatar, Saudi Arabia, Bahrain, Egypt, Lebanon and now Syria. The Group consists of four major operating subsidiaries including: MAF Properties LLC. (MAF Hospitality, MAF Shopping Malls, MAF Developments, MAF Investment), MAF Trust LLC.(MAF ORIX), MAF Retail LLC. (MAF Hypermarkets) and MAF Ventures LLC. (MAF Fashion, MAF Dalkia, MAF Greater Union)
For additional information of the Majid Al Futtaim Group kindly visit www.majidalfuttaim.com
Media Inquiries
Kazumi Kinoshita
International Strategy Planning
JCB Co., Ltd.
Tel: +81 3 5778 8390
Fax: +81 3 5778 8377
Raymond Spencer or Yui Takamatsu
Corporate Communications
ORIX Corporation
Tel: +81-3-5419-5042
Fax: +81-3-5419-5901
URL: www.orix.co.jp/index_e.htm
For additional press information, kindly contact:
Patricia Tellis / Amer Aidi
Promoseven Weber Shandwick Dubai
Tel: +971 4 321 0077
Fax: +971 4 321 1711
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