European Islamic Investment Bank (EIIB) plans to invest US$16 million (Dh58.7m) in Rasmala Holdings as a first step in building a partnership with the Dubai investment bank.
Road to ruin or recovery?
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EIIB wants to use the deal to give investors exposure to the Gulf region. Rasmala will use the cash to capture market share in its key markets over the next two years, said Ali Al Shihabi, the chairman of Rasmala.
"Rasmala has a strong regional franchise, and together with EIIB's international capital markets and asset management experience this will be a powerful partnership to seize current opportunities in the GCC," said Zulfi-Carr Hydari, the chief executive of EIIB, based in London. Rasmala forecast a loss of about $7m before interest, tax, depreciation, amortisation and restructuring for the financial year that ended on December 31 last year, EIIB said.
But the lender said it had recently pushed ahead with cost-cutting and restructuring initiatives that will improve its performance this year.
The $16bn will be invested over 12 months as EIIB converts a financing facility into Rasmala shares valued at 35 per cent of the brokerage's outstanding stock, EIIB said on Friday.
The deal also involves EIIB acquiring 7.4 per cent of Rasmala stock from Mr Al Shihabi in exchange for £3.5m (Dh19.8m) of its own shares, the company said.
Rasmala has also issued to EIIB a majority of management shares, enabling the bank to take a leading role in its management, including the right to appoint the majority of the board of directors.
tarnold@thenational.ae
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Analysis
Members of Syria's Alawite minority community face threat in their heartland after one of the deadliest days in country’s recent history. Read more
SPECS
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Barbie
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New UK refugee system
- A new “core protection” for refugees moving from permanent to a more basic, temporary protection
- Shortened leave to remain - refugees will receive 30 months instead of five years
- A longer path to settlement with no indefinite settled status until a refugee has spent 20 years in Britain
- To encourage refugees to integrate the government will encourage them to out of the core protection route wherever possible.
- Under core protection there will be no automatic right to family reunion
- Refugees will have a reduced right to public funds
What is the FNC?
The Federal National Council is one of five federal authorities established by the UAE constitution. It held its first session on December 2, 1972, a year to the day after Federation.
It has 40 members, eight of whom are women. The members represent the UAE population through each of the emirates. Abu Dhabi and Dubai have eight members each, Sharjah and Ras al Khaimah six, and Ajman, Fujairah and Umm Al Quwain have four.
They bring Emirati issues to the council for debate and put those concerns to ministers summoned for questioning.
The FNC’s main functions include passing, amending or rejecting federal draft laws, discussing international treaties and agreements, and offering recommendations on general subjects raised during sessions.
Federal draft laws must first pass through the FNC for recommendations when members can amend the laws to suit the needs of citizens. The draft laws are then forwarded to the Cabinet for consideration and approval.
Since 2006, half of the members have been elected by UAE citizens to serve four-year terms and the other half are appointed by the Ruler’s Courts of the seven emirates.
In the 2015 elections, 78 of the 252 candidates were women. Women also represented 48 per cent of all voters and 67 per cent of the voters were under the age of 40.
What is tokenisation?
Tokenisation refers to the issuance of a blockchain token, which represents a virtually tradable real, tangible asset. A tokenised asset is easily transferable, offers good liquidity, returns and is easily traded on the secondary markets.
The National Archives, Abu Dhabi
Founded over 50 years ago, the National Archives collects valuable historical material relating to the UAE, and is the oldest and richest archive relating to the Arabian Gulf.
Much of the material can be viewed on line at the Arabian Gulf Digital Archive - https://www.agda.ae/en
Brief scores:
Day 1
Toss: South Africa, field first
Pakistan (1st innings) 177: Sarfraz 56, Masood 44; Olivier 4-48
South Africa (1st innings) 123-2: Markram 78; Masood 1-4
Brief scores:
Toss: South Africa, chose to field
Pakistan: 177 & 294
South Africa: 431 & 43-1
Man of the Match: Faf du Plessis (South Africa)
Series: South Africa lead three-match series 2-0
UAE currency: the story behind the money in your pockets
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UAE%20SQUAD
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Pakistanis%20at%20the%20ILT20%20
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Who's who in Yemen conflict
Houthis: Iran-backed rebels who occupy Sanaa and run unrecognised government
Yemeni government: Exiled government in Aden led by eight-member Presidential Leadership Council
Southern Transitional Council: Faction in Yemeni government that seeks autonomy for the south
Habrish 'rebels': Tribal-backed forces feuding with STC over control of oil in government territory
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KILLING OF QASSEM SULEIMANI
