Sharjah, May 1, 2008 (WAM) -- Arzaq Holding, the private equity and venture capital firm, has announced an AED 35m profit in the six-months since the company?s inception in 2007 with a paid-up capital of AED 150m.
The good performance was driven by a series of major transactions and acquisitions driving a program of aggressive expansion. The company has captured a significant percentage of existing business within the sector during this time. Arzaq's board of directors held an expanded general meeting under the chairmanship of Sheikh Tareq bin Faisal Al Qassimi. The meeting anchored around a number of key issues, including the company's results for the last financial year, a performance review and details of progress achieved with regard to recent acquisitions and investments, the latest of which are 51% stakes in three companies: Seaspray Marine Engineering & Services, Gulf Marinas and International Houseboats. The meeting reviewed future expansion plans in line with the company's aggressive strategies to position itself among leading investment corporations, both nationally and internationally. Discussions included proposals to hire a group of qualified professionals in the fields of finance and investment to meet the requirements of the company's ambitious plans to tap into new markets in the region, partner with more high-profile companies and explore new business opportunities in various markets. Commenting on the company?s impressive results, Sheikh Al Qassimi said: "Arzaq has managed, in record time, to position itself amongst the most attractive and energetic companies in the region by successfully exploring untapped business opportunities using our market experience and the reputation of its founders as a catalyst for growth.""Having achieved such enormous success during the first six-months of the company's existence, we are sure that the profits posted so far are a first step towards further accomplishments with the cooperation of our strategic partners, in keeping with the company's goals and ambitions," he continued. Arzaq?s CEO, Fahad Al Gurg, added: "There is huge potential for success stemming from the wealth of partnerships we have struck with major companies working in the country, in addition to the large number of professionals we attend to employ who are all well-versed in the nature of the markets in which we operate.""We are pleased with the financial results achieved so far and certain that our progressive plans will help us further improve dividends and secure more growth," Mr. Al Gurg concluded.Copyright Emirates News Agency (WAM) 2008.
