Mubadala, Waha Capital and Fullerton join forces to create new finance company in UAE06 July 2008
Mubadala Development Company PJSC (Mubadala), Waha Capital PJSC, A.A. Al Moosa Enterprises LLC and Fullerton Financial Holdings Pte Ltd (FFH) today announced that they have signed an agreement to incorporate a new finance company headquartered in Abu Dhabi, United Arab Emirates (UAE), to be called ‘Dunia Finance LLC’.
Dunia Finance LLC (Dunia) will have a nationwide presence across the UAE and will focus on the retail and small business segments in the UAE to provide a range of loans, credit cards and financial planning services, as well as deposits for non-individual customers. The company will deploy a unique customer-centric approach, enabled through investment in state–of–the-art technology and capabilities, and partnerships with service providers who excel in their individual areas of expertise. Dunia will be led by a senior management team comprising talented and seasoned business leaders with a wealth of global experience.
Mr. Waleed Al Mokarrab Al Muhairi, Chief Operating Officer of Mubadala said, “We are very excited by this announcement, which marks our first project in the consumer finance sector in the UAE. This partnership is a first step towards introducing world-class financial services to the market, aimed at the rapidly growing customer segments, which are vital for the continued growth and prosperity of the UAE and its citizens.”
Mr. Samer R Alhaj, CEO of Waha Capital said, “This strategic partnership provides us with an ideal platform to address the growing demand for specialized financial services in the UAE. The alliance seeks to leverage the new opportunities that are emerging and serve the growing population as a result of the rapid economic development in recent years, which is expected to continue in the future.”
Mr. Francis Rozario, Executive Director and CEO of Fullerton Financial Holdings said, “We are honored to have quality and strategic partners like Mubadala, Waha Capital and Al Moosa Enterprises in our maiden venture into financial services in the UAE. The dynamism of UAE’s macro-economic environment and strong fundamentals of high economic and population growth provide an excellent opportunity to invest for the long term and create strong value for our customers and shareholders.”
Mr. Rajeev Kakar, the CEO-designate of the proposed finance company and the Regional Head of Fullerton in the CEEMEA region said, “Dunia means ‘the world’ in Arabic and in several other languages spoken in the UAE, and Dunia Finance aims to offer its UAE customers a world of opportunities. Given UAE’s socio-economic, cultural and ethnic diversity, the level of financial sophistication of the target customer profile varies and each has unique needs, many of which are currently under-served. We aim to build and deliver a unique and differentiated customer-focused franchise that serves the financial needs of these rapidly growing segments.”