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Tripoli, 7 October:
Libyan-based Al Rashad Finance and Management Advisory Company is being bought by Dubai-based investment bank Arqaam Capital.
The company will . . .[restrict]in future operate under the name Arqaam Capital Libya.
Rashad Libya has obtained initial approval for a financial services licence from the Libyan stock market and will request that the company’s final licence allow it to buy and sell securities, advise on securities investments, manage security portfolios and investment funds and provide other financial services.
“We have seen increasing client interest into the region and have already established relationships with key public and private entities in the country,” said Riad Meliti, CEO and founder of what became Arqaam Capital. “This acquisition will provide us with additional on-the-ground insight into the Libyan market, which we will, in turn, be able to provide to our clients. Building on our recent expansion into Egypt, the addition of a Tripoli office is an important extension of the regional network we offer our clients.”
“The International Monetary Fund has forecasted that Libya’s nominal GDP will grow 121 per cent in 2012. This startling growth projection is in line with our view on the country. We are very positive on the long-term prospects for the country’s economy given its strong fundamentals such as GDP per capita, its youthful population and significant natural resources. We believe that the interim government will be able to leverage these fundamentals to make important strides in its reconstruction efforts and are confident that the country will be able to capture significant growth and stability in the coming years.”
The proposed transaction is subject to regulatory approvals, including consent from the Libyan stock market. It is expected that the transaction will close in the fourth quarter of this year. [/restrict]
