Arab Bank held a dinner reception to celebrate the official inauguration of AB Capital, the investment banking arm of the Arab Bank Group after it received a license from the Dubai Financial Services Authority (“DFSA”) to operate as a regulated entity in the Dubai International Financial Centre (“DIFC”). 

The ceremony, which took place last Tuesday at the Grand Hyatt hotel in Dubai, was attended by senior officials from DIFC, heads of both regional and global banking and investment companies, key clients of Arab Bank, media representatives and Mr. Ibrahim (“Abe”) Saad, Chief Executive Officer of AB Capital and AB Capital employees. 

Mr. Saad thanked the attendees for sharing with AB Capital its official opening celebration. He told the gathering that AB Capital is seeking to become a leading investment bank in the Gulf region, building on its affiliation with the Arab Bank Group, one of the largest and most established financial institutions in the region. He added that under the leadership of the Chairman, Mr. Abdel Hamid Shoman, Arab Bank has, over the past few years, been aggressively growing and diversifying its operations across the Middle East. 

AB Capital currently offers investment banking and advisory services and will be introducing two new lines of business over the next couple of months, namely private equity and asset management. 

AB Capital Company Profile 

AB Capital is the investment banking arm of the Arab Bank Group - the first Private Sector financial institution in the Arab World with the largest branch network of over 400 branches in 29 countries spanning 5 continents. The Arab Bank is rated amongst the largest international financial institutions, thanks to a shareholders equity that stood by the end of Q3 2007 at $6.6 billion, a total balance sheet of $52.6 billion and $37.2 billion in assets. The Arab Bank Group achieved by the end of September, 2007 operating profits before tax that amounted to $753.4 million. 

AB Capital aims to establish itself as a major player in the financial services sector through a clear and coherent strategy. AB Capital will also build on the extensive regional and international experience of its management team that has a complementary set of skills in private equity, finance, and consulting. 

AB Capital is based in the Dubai International Financial Centre (“DIFC”) and regulated by the Dubai Financial Services Authority (“DFSA”).