Oasis Leasing signs JV with Blenheim Capital to establish Al Waha Financial Services
Oasis Leasing signs JV with Blenheim Capital to establish Al Waha Financial Services |
AWFS will be capitalised with an authorized capital of AED 50 Million. Oasis Leasing will invest 60 percent of the initial capital of AED 50 million and Blenheim Capital Partners will invest 40 percent. The new company will seek approval from regulatory authorities in the UAE. AWFS will specialize in structured finance and risk management solutions. AWFS will initially focus on meeting the market demand for this specialized service in the UAE and the Middle East and North Africa (MENA) region. The joint venture is part of a strategic expansion for Oasis under its diversification and restructuring programme. It provides a business to adress growing demand for specialized financial services in the region and will also seek to leverage the new opportunities that are emerging from the rapid economic development. Oasis Leasing announced a restructuring plan early this year, which was approved at the annual general meeting in May. As part of the restructuring, Oasis Leasing will become “Al Waha Capital” under which four subsidiaries will be established: ‘Al Waha Leasing’, ‘Al Waha Land’, ‘Al Waha Maritime’ and ‘Al Waha Financial Investment’. |
