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)