Mubadala sets up financial services firm

by Daliah Merzaban Sunday, 06 July 2008

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.

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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.

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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