6 May 2007
Rasmala Investments Holdings Ltd (Rasmala) and Commercial Bank of Dubai (CBD) announced today the establishment of an Asset Management Joint Venture company in the Dubai International Financial Centre. This Joint venture will operate under the name “Rasmala CBD Asset management Ltd” and will be owned 70% by Rasmala Investments Ltd (DIFC) and 30% by Commercial Bank of Dubai. It will include the asset management operations of Rasmala Investments which encompass the Fund management, discretionary portfolio management operations, assets under management and staff. CBD will be contributing funds to be managed by the company and will serve as a retail distribution channel for the company’s products in the UAE. The firm will be run by a board of directors encompassing 3 directors from Rasmala and 2 from CBD. It is the intention of both parties to grow this company into one of the biggest and most prominent asset management firms in the Middle East.
“We are delighted to be partnering with CBD” commented Ali Al Shihabi, Founder, and CEO of Rasmala Investments. “Partnering with a strong UAE Bank like CBD will give our asset management operations tremendous scale and allow us to grow this business in an accelerated fashion”
Peter Baltussen, CEO of CBD commented: “Consistent with our strategy, this partnership will give our customers access to a high-quality asset management platform, offering our clients a unique access to the most reputable regional and global fund managers. The platform will enable CBD to offer conventional and Sharia compliant investment products.
This transaction is subject to final regulatory approvals. Terms of the transaction were not disclosed.