Complex Made Simple

UAE’s ILegacy acquires Bait Al-Mal in regional expansion

Kuwait's Bait Al Mal Investment Company has been acquired by UAE-based ILegacy Global, as part of a regional expansion drive, Kuwait Times has reported. Bait Al Mal Investment Co owns a majority stake in The Investor for Securities Co (INVESCO) of Saudi Arabia. "The aim of the Bait Al Mal acquisition is to provide a solid foundation from which to develop an international Group specialising in providing integrated financial services to help unlock the hidden potential of the Awqaf sector," said chairman of ILegacy Global, Khalid Bin Ahmad Al-Sowaidi. "As well as financing and managing Waqf projects, services will include the provision of custodian and trustee services and promoting investment funds," he added.