Al Mal Capital PSC, an investment company licensed with the UAE Central Bank, today announced that it had completed its formation procedures, and that work was underway to build out its management team and develop its customer platform.
Naser Nabulsi, Chairman of the Founders' Committee for Al Mal Capital, expressed his gratitude to the relevant authorities. "We are deeply appreciative to the UAE Central Bank, the Ministry of Economy and Planning and the Dubai Department of Economic Development for their support of our efforts throughout our formation. The licence granted to us places us in a very select group of financial institutions in the UAE. We plan to use this unique opportunity to create an exciting new investment bank, which will take a cutting-edge approach to both product innovation as well as in its delivery of service to clients."
Al Mal has been established with capital of Dh333 from 82 founders. Nabulsi indicated "our share capital is well-distributed between institutions and individuals, from the UAE and the region. Our founders include respected members of the royal family and influential business houses from across the region, and institutions such as Dubai Investments in the UAE, Global Investment House in Kuwait, and Arab Jordan Investment Bank from Jordan. We are truly grateful to all our founding shareholders for their contribution of capital, ongoing support, and confidence in our vision."
Al Mal has begun the process of hiring its team of industry professionals, to manage and staff its Brokerage, Asset Management, and Capital Markets business units. The Company hopes to provide additional value to clients through strong local knowledge and research, coupled with a recognition of the importance of service delivery. Blair Look, member of the Founders' Committee, noted that "a critical part of any financial institution is its human capital, and we will strive to bring the best to our organization to construct a world-class team. We will also focus heavily on using technology to complement our know-how, and improve the client experience."
Nabulsi added: "Our understanding of local business, combined with our track record and experience in delivering a high level of service to clients - in local and international capital markets - should serve us well in developing our chosen business activities, and enable us to deliver impressive results to our shareholders and clients."
