Taking over

Arab Jordan Investment Bank (AJIB) acquires a 55% stake in Arab Advisors Group.
Taking over
By Sarah Gain
Wed 21 Sep 2005 04:00 AM

By acquiring the Arab Advisors Group, the Arab Jordan Investment Bank (AJIB) adds major strength to the Arab Advisors Group’s pioneering activities in the technology, media and telecoms (TMT) operations. By combining its own research capability with those of Arab Advisors, AJIB will provide a full range of researched product to its own clients as well as those of Arab Advisors Group.

The Arab Advisors Group, a private shareholding company registered in Jordan, will enter into new verticals such as equity and financial research in the regional markets in addition to other major economic sectors.

The AJIB and Arab Advisors Group concluded an agreement by which AJIB buys a 55% stake in Arab Advisors Group. The cash transaction will allow AJIB and the Arab Advisors Group to leverage strategic synergies to enhance the quality and scope of services of Arab Advisors Group and leverage these services to enhance the investment banking activities of AJIB.

With the Arab Advisors Group becoming an AJIB subsidiary, the company is set to expand its coverage of sectors with a very near launch of equity and financial research in regional stock markets. The aim is to provide top quality, independent and objective research and analysis of all major economic sectors in the region.

Arab Advisors Group current management team will remain intact and Jawad Abbassi, the Group’s founder, will continue to be the general manager of the company, commanding the remaining 45% share.

AJIB will be fully active in the new Arab Advisors board of directors and will be instrumental in steering the company in the upcoming era of rapid expansion. “We have been monitoring Arab Advisors Group growth and regional success for a few years now and we believe that the company will continue its top quality research and analysis services as an autonomous subsidiary of the AJIB group,” says Hani Al Qadi, AJIB’s deputy chairman and general manager comments.

Abbassi believes that the partnership with AJIB will allow us to formulate new and enhanced services for the Arab Advisors Group’s existing client base, and will also expand its services to a wider client base. “Being a part of the AJIB Group ushers in a new era of expansion and growth for Arab Advisors Group. We are very happy with this strategic transaction and promise our clients a continued professional and quality service,” Abbassi concludes.

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