GLOBAL: EIIB-Rasmala,
a venture between London-based European Islamic Investment Bank (EIIB)
and Dubai’s Rasmala Group, has revealed new business and strategic plans
for 2015 which are designed to allow EIIB-Rasmala assume a stronger
position in the area of asset management. The announcement of its new
business initiatives follows the recent announcement by its controlling
stakeholder, EIIB, that the bank is seeking to relinquish its UK banking
license, as it embarks on exiting legacy private equity investments to
focus on generating more income from its asset management and advisory
services.
"We have successfully completed the transformation of EIIB-Rasmala
and consolidated our position as one of the most innovative regional
asset managers,” said Zak Hydari, CEO of EIIB-Rasmala. “In 2014 we saw a
higher level of investor demand for broader, more alternative investment
products, as well as greater overseas investor interest in our key
markets. Given this demand, we are now accelerating the expansion of core
strategies and product offerings and we are actively investing in order
to stay at the forefront of the regional industry.”
Among products in the pipeline for the company include the launch of two
new leasing funds next year, adding on to the Rasmala Leasing Fund and
Rasmala Trade Finance Fund, which were introduced this year. The new
funds are likely be anchored in Luxembourg, given that Harris Irfan, the
managing director of EIIB-Rasmala, confirmed to IFN earlier in July that
the firm plans to migrate all its funds to Luxembourg (See Cover Story
Vol. 11 Issue 26). A company spokesman has also reportedly stated that
the funds will not be domiciled in the Dubai International Finance
Center.
Leveraging its presence in the Middle East, the company is keen to grow
its real estate business in the UAE and to expand its business in Saudi
Arabia. “EIIB-Rasmala is well-positioned, both financially and
strategically, to take full advantage of the expected growth of these two
large regional markets and is currently considering a number of
opportunities to bolster both its presence and distribution reach through
new, strategic joint ventures,” said the company.
Apart from the Middle East, the firm is also focussing on North Africa;
unsurprising considering the buoyant market dynamics of the MENA region,
which has seen an uptick in international interest. For North Africa, the
firm’s strategy includes increasing its 51% shareholding in Rasmala Egypt
Asset Management, to better capitalize on the Egyptian asset management
industry which the company believes is primed for further growth as
economic and political stability return to the kingdom.
For Europe, the group plans to raise approximately US$250 million to
invest in a broad mix of real estate deals in the UK, in addition to
raising some US$1 billion to fund the expansion of its leasing and
alternative business.
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