Mawarid Finance acquires Al Jazeera Financial Services

This comes as a first-of-its-kind step for Mawarid since being launched and part of an optimistic plan to expand and acquire a number of successful companies working in complementary or parallel fields to that of Mawarid.

Al Jazeera was launched as a private equity company in Dubai in 2005 with a paid up capital of 30 million dirhams, and is considered to be one of the leading companies in its field and has proved its success since its early stages. It has achieved high profits since starting its operations with a client base of more than 15,000 from different areas in the UAE.

As a financial intermediation affiliate of Mawarid Finance, Al Jazeera will continue with financial intermediation as its main activity through trading companies' shares with activities that complies with the Islamic Sharia'a principles.

The company's activities are concentrated in the Dubai Financial Market and Abu Dhabi Securities Market, where it has reached leading positions among its competitors in terms of trading volumes over the past few years.

Mr. Mohammed Al Neaimi, CEO of Mawarid Finance and Board Chairman of Al Jazeera Financial Services, said: "This acquisition is the first of its kind for Mawarid in terms of forming successful partnerships with a number of already existing companies, or establishing new complementary companies that will support our core activities within the Islamic finance sector, and this is also part of an optimistic plan to expand and diversify our products and client base in local and external markets."

Al Neaimi explained that the strategy on which Mawarid was built focuses on expanding into different complementary and parallel fields, and stressed that the company will announce other important expansion activities during the coming period.

He concluded saying that Mawarid is rapidly moving forward with its expansion strategy, though it is considered relatively young after being established not more than a year ago. And this is part of its aims to achieve its objectives and compete with leading players in this field of work in the local UAE and regional markets.

The acquisition of Al Jazeera Financial Services comes after Mawarid Finance recently became an establishing member in the association of leading investors who set up First Investment Bank in Bahrain.