Dubai Investments wins 5% stake in the newly founded Islamic Bank of Asia

Dubai Investments PJSC, Dubai-centred investment company, has announced an acquisition of 5% stake in the newly established Islamic Bank of Asia, the first Sharia’a compliant Bank in Singapore, in a deal worth more than Dh91.8 million. The bank will begin operations this month with an initial paid-up-capital of USD 500 million and will operate as a subsidiary of the Development Bank of Singapore (DBS), South East Asia’s largest bank by assets. DI is one of Middle Eastern investors to acquire a combined stake of 40 per cent in the joint venture with the other 60 per cent owned by DBS. Khalid Kalban, Managing Director & CEO, Dubai Investments, said, “Singapore is a very good location for an Islamic bank, as it will provide convenient services for the business travelers from ASEAN countries like Brunei, Indonesia, Malaysia, Thailand and Philippines who stop over at the destination, in addition to enabling many people in the country to enjoy the benefits of Sharia’a banking. This is an excellent opportunity to diversify our portfolio, as it is part of Dubai Investment’s strategy to expand geographically and to invest in diversified sectors. This investment is part of the financial investments which constitutes 43% of all DI investments”. Dubai Investments PJSC has more than 11 years of successful experience in establishing, acquiring or strategically participating in corporate ventures throughout the UAE and internationally. With 44 subsidiary companies and more than 23,500 shareholders, DI is the largest investment company listed on the UAE stock exchange. Source