DUBAI: Dubai-based Islamic investment firm Abwab Capital has completed 2 billion dirhams or $545 million of advisory business in its first year of operation and hopes to double that in 2014, the company's managing director said.
Sharia-compliant Abwab, majority-owned by Kuwaiti investors, expects a strong flow of transactions in asset management and investment banking, mainly in restructuring and mergers and acquisitions.
"Our transactions during the first year of operations hit almost 2 billion. We expect to double that number next year given the huge need and gap in sharia-compliant investment services," Mohammad al-Qahtany said in an interview.
"Our focus is mainly on GCC (Gulf Cooperation Council) companies that are seeking advisory on growth or restructuring their portfolio."
"This is mainly in healthcare, education and manufacturing."
Abwab is advising a Kuwaiti firm on the sale of its UAE operations to a Gulf investor in a deal worth around 700 million dirhams, Qahtany said. He declined to name the companies as the deal is not finalised yet.
The company has also finished arranging a 1 billion dirham financing of a real estate income-generating project in Dubai, the executive said. (Reuters)
