DUBAI Oct 7 Arqaam Capital, a Dubai-based emerging market investment bank, has agreed to buy a financial services firm in Libya to tap into economic growth as the country rebuilds after its civil war.
The acquisition of Al Rashad Finance and Management Advisory will give Arqaam a presence in the country and the potential to buy and sell securities and manage portfolios there, Arqaam said in a statement on Sunday.
Al Rashad Finance, founded in February, has received initial approval for a financial services licence in Libya, Arqaam said. No financial details of the transaction were provided.
Libya's economy is expected to rebound sharply this year from a deep contraction in 2011 as the country rebuilds and oil production recovers to levels last seen during Muammar Gaddafi's rule, the International Monetary Fund said in July.
Arqaam offers corporate finance, asset management and brokerage services through its main office in Dubai. It also has presences in Beirut, London and Cairo. The firm bought Egyptian brokerage firm El Rashad Securities in January. (Reporting by Dinesh Nair; Editing by Andrew Torchia)