Acquires 60% stake in John Charcol Dubai
Dubai, UAE- March 18, 2008 - Saffar, a regional financial services firm, recently announced the acquisition of a majority stake in John Charcol Dubai, a leading independent mortgage broker.
The agreement, which was signed earlier this month, will see Saffar take a 60 per cent majority stake in the company, with the rest being retained by the company founders. The deal is part of Saffar's strategy to pursue business opportunities in the real estate and home financing market.
"John Charcol is a leading player in the mortgage brokerage industry. With John Charcol Dubai, we hope to leverage the wide range of opportunities available in the regional property finance market.
We are confident that the unrivalled expertise of John Charcol, combined with Saffar's regional knowledge, will provide the bedrock for the development of John Charcol Dubai as the leading regional independent mortgage brokerage"; said Mishaal Al-Usaimi, CEO, Saffar."
"We are extremely proud to be a part of growing this dynamic company on both a local and regional level", he added.
Established in 1974, John Charcol is widely regarded as the UK's leading independent mortgage advisor. In 2007, John Charcol established an independent franchise operation in the United Arab Emirates. It is the first mortgage broker in the UAE to be given a new mortgage consultancies license and is the only mortgage broker to be part of a foreign group.
"Since the launch of our franchise operation in the UAE in 2007, John Charcol Dubai has gone a long way in establishing itself as an experienced mortgage advisor. We are currently seeing an unprecedented boom in the real estate market and we are keen to see our business grow and expand in this dynamic region. Our partnership with Saffar will help us to realize our goals and we are looking forward to a long and successful relationship", said Richard Ingram Director of John Charcol Dubai.
Commenting on the acquisition, John Garfield, founder of John Charcol UK said, "Saffar has a wealth of experience in the regional financial services industry and has built up a strong reputation in the market over the years. We see this partnership as a positive step towards growing our business in the region."
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Saffar
Saffar is a regional financial services company focused on direct investments in early stage business opportunities. Saffar has extensive experience building successful corporate entities such as ABQ Zawya and Credit Suisse Saudi Arabia. Via its advisory and venture capital activities, Saffar assists entrepreneurs and family-owned companies to launch new businesses or scale an existing interest regionally.
John Charcol Dubai
John Charcol is a well known name to all those involved in the UK market. Established in 1974, John Charcol is widely regarded as the UK's leading independent mortgage adviser. In September 2007, John Charcol established an independent franchise operation in the United Arab Emirates.
For more information, please contact
Rasha Kashkoush
Hill & Knowlton
Tel: 00971 (4) 3344930
rasha.kashkoush@hillandknowlton.com
© Press Release 2008
