| 02 Jul 2009 |
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Mawarid looks to acquire firms
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The UAE's Mawarid FinanceMawarid Finance
is looking to acquire stakes in firms in Jordan, Qatar and India, revealed its Chief Executive Mohammed Ali Al Neaimi, yesterday."We have the appetite and are ready for mergers, alliances and acquisitions. We have some projects on the table and are considering acquisitions, which will be in the financial sector," he said without giving details.
Al Neaimi said the company's stock is distributed among more than 350 shareholders, with firms or organisations owning not more than five per cent each, and no individual shareholder's stake exceeding 2.5 per cent. This gives the company the operational freedom to look for investment opportunities wherever they are found.
Mawarid FinanceMawarid Finance
's strategy is focused on identifying investment opportunities available on both local and international sectors.The company does not offer financing in overseas markets but limits itself to investing in local market players, he said, adding that it prefers to invest in the Islamic finance sector. "However, we have property investments in Germany and the United Kingdom, and in the telecom sector through Etisalat Misr, whose capital is EGP16 billion (Dh10.4bn). Our share is one per cent," said Al Neaimi.
"Other investments include First Investment BankFirst Investment Bank
, an investment enterprises of the group in Bahrain started in 2007. We are one of the founders and our share is between eight to 10 per cent. "Another venture, Takaful House, was launched by the group as a public joint stock company with a share capital of Dh100m. The company was listed on the DFM on August 4, 2008. Our investment in stocks does not exceed five per cent of assets."
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