Saturday, 06 September 2008 |
updated 1 minute ago
08:50 UAE time

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Mubadala sets up financial services firm

by Daliah Merzaban on Sunday, 06 July 2008

TAPPING GROWTH: Mubadala and three partners have set up a financial services firm targeting the retail and small business sectors in the UAE. (ITP Images)

Abu Dhabi investment agency Mubadala Development Co said on Sunday it would set up a financial services company in the emirate with three partners to tap a boom in the Gulf state's consumer finance sector.

Mubadala, which manages over $10 billion in assets for the world's fifth-largest oil exporter, would set up Dunia Finance with Waha Capital, A.A. Al-Moosa Enterprises and Fullerton Financial Holdings, the firms said in a joint statement.

Dunia will offer loans, credit cards and financial planning to the retail and small business sectors in the UAE, they said.

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Banks in the UAE are surging as they benefit from an economic boom spurred by a seven-fold rise in oil prices since 2002. (Reuters)

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