Gulf Capital Pvt. JSC (“Gulf Capital”), one of the largest and most active private equity firms in the Middle East, announced today that it has been granted an Investment Company License from the UAE Central Bank. The new license will allow Gulf Capital to enter the asset management and investment banking arenas.
Securing the Investment Company License is an important milestone for Gulf Capital as it prepares for the launch of its Alternative Asset Management platform and the marketing of a new regional private equity fund.
Initial approval for the Investment Company License was granted by the Central Bank in July 2006, conditional on the approval of all shareholders which was obtained in the Company’s last Extraordinary General Assembly on June 10th, 2007. The License means that the Firm’s operations will be supervised by the Central Bank, ensuring compliance with their rules and regulations.
Commenting on the new License, Mr. Hareb Al Darmaki, Chairman of Gulf Capital, said: “Securing the Investment Company License is a significant milestone for Gulf Capital as it will allow us to enter into new major activities such as asset management and investment banking. We have a strong commitment towards corporate governance and are already working towards meeting the Central Bank’s requirements and regulations. I would like to express my sincere thanks and appreciation to the UAE Central Bank, its Board of Directors and its Governor for their support throughout the application process.”