EIIB-Rasmala plans joint ventures in Egypt and Africa

MergingEIIB-Rasmala is opening discussions about joint ventures to expand its investment activities in Egypt and other parts of Africa.

Chief executive Zak Hydari revealed the news in a statement that said the firm had increased its shareholding in its Egyptian unit, Rasmala Egypt Asset Management (REAM), from 51% to full ownership.

The London-listed asset management and financing firm employs about 100 staff in London, Dubai, Muscat and Cairo.

"The full acquisition of REAM is a further milestone in the consolidation of our fast growing regional asset management business," says Hydari. "In line with our overall asset management strategy, we are now opening discussions with potential JV partners to expand our investment activities in both Egypt and other parts of Africa."

The firm says it will also aim to expand its leasing and real estate businesses as part of a series of objectives planned for 2015.

European Islamic Investment Bank (EIIB) acquired Dubai-based Rasmala Holdings in early 2012.

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