Unicorn Capital Saudi Arabia receives approval to commence operation
31 August 2009
Unicorn Capital Saudi Arabia, majority owned by Unicorn Investment Bank (Unicorn), announces that it has received approval from Saudi Arabia's Capital Market Authority (CMA) to commence operations in the Kingdom. Unicorn Capital Saudi Arabia will provide the Saudi market with an integrated and comprehensive range of Islamic investment products and services, with the full support and depth of Unicorn Investment Bank, an established Islamic investment bank headquartered in Bahrain.
Commenting on the licensing, Sheikh Yousef A. Al-Shelash, Chairman of Unicorn Capital Saudi Arabia and Chairman of Unicorn Investment Bank, said: "This strategic development, which comes under the wise leadership of the Custodian of the Two Holy Mosques King Abdullah Bin Abdulaziz Al Saud, is an important milestone for Unicorn Investment Bank and a key element in our strategy to build a diversified financial services group. We would like to express our sincere gratitude to the CMA for their support and timely review of our license application. We look forward to bringing our client-driven integrated business model to Saudi Arabia."
Mr. Majid Al Sayed Bader Al-Refai, Managing Director and Chief Executive Officer of Unicorn Investment Bank and Vice Chairman of Unicorn Capital Saudi Arabia, commented: "Saudi Arabia is a regional economic leader with excellent growth prospects, and our presence in the Kingdom demonstrates our long-term commitment to further serving this important market. Going forward, we will be working closely with our principal shareholders to develop this valuable franchise under the leadership and guidance of our Chairman, the Board of Directors and the senior management team of Unicorn Capital Saudi Arabia."
He added: "Unicorn's full-service approach means that we are able to service our clients on both sides of the balance sheet, providing not only investment opportunities, but also assistance in obtaining funding through the debt and equity capital markets. This dual role is an integral part of our commitment to being a long-term partner and trusted advisor to our clients."
Headquartered in Bahrain, Unicorn Investment Bank operates subsidiaries in the United States, Malaysia, and Turkey. The Bank is also a major shareholder in Dawood Islamic Bank, Pakistan. Unicorn has completed several landmark transactions since its inception, including the establishment of T'azur, a regional Takaful company; the acquisition of Bahrain Financing Company, the oldest and one of the leading foreign exchange and remittance houses in the GCC; and the successful launch of the Strategic Acquisition Fund, a US$1 billion fund to acquire strategic stakes in commercial banks globally. The Bank has achieved consistent growth since its inception and has received widespread industry recognition for excellence and vision.BACK TO PRESS ROOM