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Abu Dhabi, UAE: ADCorp Ltd (“ADCorp”), the first ADGM-based Islamic financial institution, today announced the appointment of Mohammed Al Khaja as the company’s Senior Executive Officer.
Al Khaja will report directly to ADCorp’s Board of Directors. He will have overall responsibility over the company’s activities, driving the strategy as set out by the board and leading its strategic and operational activities.
Al Khaja brings over 18 years of experience in financial advisory, asset management, wealth management, private banking, compliance and operations, having held senior management positions at Credit Suisse AG-Bahrain and Dubai, Merrill Lynch-Bahrain, and most recently Osool Asset Management in Bahrain.
Commenting on the appointment of Mohammed Al Khaja, Jassim Alseddiqi, Executive Chairman of ADCorp, said: “This is a very exciting time for ADCorp as it enters its next stage of growth. We are delighted to have Mohammed Al Khaja join the team to lead the business through its continued development. Mohammed brings with him strong expertise in the banking sector, gained from well-regarded regional and international institutions, along with strong leadership skills. We are confident that he will significantly contribute to the future growth of the company.”
Commenting on his appointment, Mohammed Al Khaja said: “I am extremely pleased to be joining ADCorp and look forward to working with the Board to drive the business forward in the coming years. With strong partners, a focused approach and a healthy deal pipeline, there is a wealth of opportunities that will allow us to create value for our shareholders.”
ADCorp achieves annual financial targets in first nine months
In January 2018, ADCorp announced its successful raising of over US$100 million for its formation capital. Of this, a significant portion was deployed in financing companies with strong growth potential, enabling the company to achieve its full-year financial targets ahead of schedule in the first nine months of the year.
Commenting on the results, Jassim Alseddiqi added: “We are extremely pleased with ADCorp’s positive financial results thus far. Achieving our annual financial targets in just nine months of operation is testament to the sound structure of the business. We have a healthy pipeline of deals and are on track to distribute dividends to our shareholders following the conclusion of the financial year.”
ADCorp has set up offices in Abu Dhabi Global Markets, the region’s newest international financial centre and a strategic location for ADCorp. The company is primarily focused on providing financing to companies that require funding in accordance with Sharia principles.
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About ADCorp Ltd (“ADCorp”)
ADCorp is a Category 5 Islamic Financial Institution with a paid-up capital of $101 million and the first Islamic Institution to be licensed in the Abu Dhabi Global Markets. ADCorp offers innovative Sharia-compliant financial solutions and focuses on assessing, understanding and meeting the needs of companies that are seeking growth capital for the development of their businesses.
ADCorp provides companies and investors with access to professionally managed investments characterized by a high standard of investment underwriting, active portfolio management, and transparent reporting, while maximizing risk adjusted returns.
For further information on ADCorp, visit www.adcorp.com.
For further information, please contact:
Hani El Abid
Abu Dhabi, UAE
Tel: 971 2 610 8205
Email: helabid@adfg.ae
Sophie McNulty / Dhanya Issac
Dubai, UAE
Tel: 971-4-450-7600
ASDA’A Burson Cohn & Wolfe
Email: sophie.mcnulty@bm.com / Dhanya.Issac@bm.com
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