Dubai Holding Consolidates Its Islamic Assets to Create Global Islamic Investment Company |
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Consolidated entity to focus on investments, banking and re-takaful sectors in UAE, MENA, Africa and South East Asia Dubai: 6 May, 2008 - Dubai HoldingDubai Holding
announced today that it has consolidated its investments in Dubai Islamic Investment GroupDubai Islamic Investment Group and Dubai BankDubai Bank under Dubai Banking Group, to form a global Shari'ah-compliant investment company. This consolidation is in line with Vision 2015, which highlights the development of the financial services sector in Dubai as a catalyst for future growth and economic diversification of the Emirate's resources. H.E. Mohammed AlGergawi, Chairman of Dubai HoldingDubai Holding said: "The UAE's financial services sector is the one of the fastest growing sectors in our economy. This is a tremendous opportunity for our Group and we are confident that this strategic step will enhance growth and value creation in the industry and solidify Dubai's position as a leading global financial centre."
H.E. Mohammed Al Shaibani, Chairman of Dubai BankDubai Bank said: "Dubai BankDubai Bank has made significant progress on all fronts and across various business initiatives within retail, corporate and investment banking. I am confident that through Dubai Banking Group, we will be able to capitalise on the opportunities presented and also expand its banking and investment portfolio on a global scale."
Dubai Banking Group will be managed by Dubai Group, the leading diversified financial services company of Dubai HoldingDubai Holding. Dubai Group, through its subsidiary Dubai Islamic Investment GroupDubai Islamic Investment Group, is credited with the rapid turnaround of Bank Islam in Malaysia to a profitable institution. Dubai Banking Group will continue to focus on investing in Shari'ah-compliant assets in the Islamic sector which is expected to continue to grow at a very high rate well into the future.
Soud Ba'alawy, Executive Chairman of Dubai Group said: "The market for Shari'ah-compliant investments and financial services continues to grow very rapidly. Dubai Banking Group will be one of the clear leaders in this market and will continue to aggressively target significant direct investments and acquisitions in a wide range of sectors across the world's biggest Islamic markets including the GCC, South East Asia, and Africa."
Dubai Banking Group has already investments in leading Islamic financial institutions in UAE (Dubai BankDubai Bank), Kuwait (Al Fajer Re-takaful), and Malaysia (Bank Islam) and combined assets are in access of $10 billion.
Dubai Banking Group will have a dedicated management team, with a solid track record of managing rapid growth. Fadel Al Ali - Executive Chairman of Dubai HoldingDubai Holding Operations will be the non-executive Chairman of Dubai Banking Group. Salaam Al Shaksy, who is currently the CEO of Dubai Islamic Investment GroupDubai Islamic Investment Group, will be appointed as CEO of the newly formed entity and his team will lead the Group in its global expansion.
-Ends-
About Dubai Holding
Dubai HoldingDubai Holding
was launched in October 2004 to consolidate the various large-scale infrastructure and investment projects in Dubai, as well as to identify opportunities to develop future major projects that will benefit the UAE and the region. The company has been created with the goal of providing a better future for all through the range of life-improving industries it is involved in. Each Dubai HoldingDubai Holding operating company focuses on key areas which dynamically support the development of Dubai as a world-leading hub for commerce, leisure and finance.
Dubai HoldingDubai Holding has created a strong foothold in various industries by developing pioneering initiatives spanning numerous sectors including healthcare, technology, finance, real estate, education, telecommunication, entertainment & leisure, energy, communication, industrial manufacturing, biotechnology, hospitality and aerospace.
Dubai HoldingDubai Holding entities include: Dubai Internet City, Dubai Media City, Dubai Healthcare City, Dubailand, Dubai International Capital, Dubai Industrial City, Dubai Properties, Sama Dubai, Dubai Group, Dubai Energy, Dubai Knowledge Village, Dubai Outsource Zone, International Media Production Zone, e-Hosting Datafort, EMPOWER, Jumeirah Group, Dubiotech and Dubai Studio City. For more information, please visit www.dubaiholding.com
About Dubai Group
Dubai Group is the leading diversified financial services company of Dubai HoldingDubai Holding. Focused on banking, investments and insurance regionally and globally, Dubai Group has offices in Dubai, London, New York, Pittsburgh, Kuala Lumpur and Hong Kong. Through its subsidiaries and affiliates, Dubai Group has business interests in 26 countries that employ 16,000 individuals. Run by high-calibre industry veterans with proven track records, Dubai Group entities include Dubai Investment Group, Dubai Capital Group, Dubai Financial Group, Dubai Islamic Investment GroupDubai Islamic Investment Group, Dubai Insurance Group and Noor Investment Group. Dubai Group plays a pivotal role for the realisation of Dubai Strategic Plan by leading the development of financial industry. For more information, please visit www.dubaigroup.com
For further information please contact:
Huda Buhumaid
Dubai Group - A member of Dubai Holding
Direct: +9714 3189710
Mobile: +97150 6507704
Email: Huda.Buhumaid@dubaigroup.com
Mamoon Sbeih
JiWin Public Relations
Exclusive Affiliate of Burson-Marsteller in the Middle East
Tel: +971 4 3613580
Mob: +971 50 4500771
Email: Mamoon.Sbeih@jiwin.ae
© Press Release 2008
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