Launch of 'Dubai First' - the first consumer finance company from Dubai Holding

Dubai First is established with an authorized capital of AED 1 billion and paid up capital of AED 350 million. The company will initially launch credit cards and then extend its offering to include mortgages and other financial services.

Dubai First's vision is to be a leading player in the space of consumer finance across the Middle East and North Africa. The strategy of the new organization is to establish a centre of multi-functional excellence in the UAE and leverage this to enter new markets.

Sayanta Basu, Chief Executive Officer of Dubai Financial and board member of Dubai First, said: "There is a strong need for an integrated consumer finance company in the UAE and the region. Market research shows the UAE's retail loans are valued at approximately 16 per cent of the GDP. Other GCC countries including Kuwait and Bahrain stand at 25 per cent. This is very low as compared to more developed countries such as the United States, where total retail lending is 105 per cent of GDP. This indicates the immense potential of our business."

Earlier this year Dubai First acquired Dubai Bank's credit card portfolio of 80,000 cards and an asset book of AED 180 million. All operational processes related to the take over were completed in a record time of three months.

Ibrahim Al Ansari, Country Corporate Officer of Dubai First said: "Dubai First aims to be a truly customer-centric organization. Dubai First will be the benchmark for service excellence in the region, while offering benefits and features that deliver real value to our customers. The Dubai First credit card is the only credit card to offer free life insurance, free household insurance, free 365 days purchase protection, privileged discounts on the e-gate card and much more."

The event also marked the launch of a corporate card program for employees of Dubai Holding. As a gesture, Abdulhakeem Kamkar, CEO of Dubai Investment Group, handed over a Dubai First Corporate Credit Card to Fadel Al Ali, Chief Financial and Operating Officer of Dubai Holding.

Dubai First aims to work in tandem with other Dubai Holding entities to continuously deliver innovative solutions for their common customers.

Ramakrishnan Sivaram, Sales and Marketing Head, Dubai First said: "We believe that customers today are looking for real value. A huge opportunity exists to work with the diverse group entities within the Dubai Holding umbrella. We are working with many of our sister companies to develop product propositions and partnerships that will deliver real customer value."

Providing customer convenience is also a focus for the company, with additional alliances firmed up with UAE Exchange, Al Ansari Exchange and Emarat. Customers can make their payments conveniently to Dubai First through more than 100 partner locations.