U-Capital begins its operations
MUSCAT: U Capital’s inauguration was held recently in Shatti Al Qurum at Ominvest building.
The event was under the auspices of Yahya Al Jabri, chairman, Special Economic Zone Authority Duqm (SEZAD). The guests included: Hamood Sangor Al Zadjali, executive president, Central Bank of Oman; Abdullah Salem Al Salmi, executive president, Capital Market Authority; Ahmed Saleh Al Marhoon, director general, Muscat Securities Market, Stefano Lazzarotto, Switzerland ambassador, Zuhair Abdullah Al Nsour, Jordanian Ambassador and Ahmad Abbas Ramadan Palestine Ambassador. In addition, the attendees included dignitaries, government officials, diplomats, business leaders and senior executives and employees of Ominvest, Arab Bank (Switzerland), Ltd., OIF and U Capital, says a press release.
U Capital was incorporated in November 2016 by Ominvest with a 36% ownership, Arab Bank (Switzerland) Ltd., 34% and Oman Investment Fund (OIF) 30%. Soon after its formation in Dec 2016, U Capital acquired Oman Arab Bank’s Investment Banking Business (OABINVEST), which had a long-standing track record spanning two decades in Oman. U Capital is already operational and commenced its business activities at its new office in Ominvest building. U Capital’s major business divisions include: Corporate Finance, Asset Management, Brokerage and Custody Services – covering local & regional markets.
The Shareholders of U Capital intend to grow this platform to create employment opportunities for Omani nationals, help finance new ventures and create value for all stakeholders. The envisioned business expansion, new resources and capabilities are expected to make U Capital one of the largest and finest investment banking platforms in the region.
Sheikh Hassan Al Nabhani, chairman of U Capital highlighted in his speech that the acquisition of OABINVEST was a major step towards realising their vision of creating a premier asset management company out of Oman – with global reach and capabilities. He said that U Capital will cater to the investment needs of major institutional investors, while operating as a platform for attracting foreign investments into Oman. Sheikh Hassan elaborated that Ominvest, OIF and Arab Bank Switzerland were highly supportive of such platform acquisitions to create larger and more efficient businesses, creating economies of scale and realising synergies amongst major portfolio companies of Ominvest Group, OIF and ABS. He added that U Capital will focus on developing local human capital and create a pool of professional investment banking professionals.
Abdulaziz Al Balushi, group CEO of Ominvest said that they are proud to be a key shareholder in U Capital and very pleased to be providing strategic support to U Capital to take it to the next level. He emphasised that U Capital will help create substantial synergies with various portfolio companies of Ominvest Group and its affiliates. In particular, U Capital will be managing all financial investments of Ominvest Group and its affiliates, working together on M&A deals and launching investment funds & products as co-sponsors. In this regard, he noted that Ominvest has already allocated $250 million to U Capital for management and custody.
Wahbe Tamari, chairman of Arab Bank (Switzerland), said that ABS is pleased to be a strategic partner in U Capital alongside OIF and Ominvest. He added that ABS will provide support to U Capital in building a world class institution catering to a broad base of regional and international customers.
Lo’ai Bataineh, the chief executive officer of U Capital, said that he was confident of the bright future of U Capital. Bataineh added that he and his team have been in touch will all their clients and that the transitionfrom OABINVEST to U Capital has been smooth and seamless.