Dubai Holding consolidates Islamic assets to create global Islamic investment company

Dubai Holding has consolidated its investments in Dubai Islamic Investment Group and Dubai Bank under Dubai Banking Group, to form a global Shari’ah compliant investment company. This consolidation is in line with Vision 2015, which highlights the development of the financial services sector in Dubai as a catalyst for future growth and economic diversification of the Emirate’s resources.

Dubai Banking Group will be managed by Dubai Group, the diversified financial services company of Dubai Holding. Dubai Group, through its subsidiary Dubai Islamic Investment Group, is credited with the rapid turnaround of Bank Islam in Malaysia to a profitable institution. Dubai Banking Group will continue to focus on investing in Shari’ah compliant assets in the Islamic sector which is expected to continue to grow at a very high rate well into the future.

Soud Ba’alawy, executive chairman of Dubai Group said, “Dubai Banking Group will continue to aggressively target significant direct investments and acquisitions in a wide range of sectors across the world’s biggest Islamic markets including the GCC, South East Asia, and Africa.”

Dubai Banking Group has already investments in leading Islamic financial institutions in UAE in Dubai Bank, in Kuwait in Al Fajer Re-takaful, and in Malaysia in Bank Islam and has combined assets are in access of $10 billion.

Dubai Banking Group will have a dedicated management team. Fadel Al Ali, executive chairman of Dubai Holding Operations will be the non-executive chairman of Dubai Banking Group. Salaam Al Shaksy, who is currently the chief executive of Dubai Islamic Investment Group, will be appointed as chief executive of the newly formed entity and his team will lead the group in its global expansion.

Dubai Holding was launched in October 2004 to consolidate the various large-scale infrastructure and investment projects in Dubai, as well as to identify opportunities to develop future major projects that will benefit the UAE and the region.

Dubai Holding has created a foothold in various industries by developing initiatives spanning numerous sectors including healthcare, technology, finance, real estate, education, telecommunication, entertainment & leisure, energy, communication, industrial manufacturing, biotechnology, hospitality and aerospace.

Dubai Holding entities include: Dubai Internet City, Dubai Media City, Dubai Healthcare City, Dubailand, Dubai International Capital, Dubai Industrial City, Dubai Properties, Sama Dubai, Dubai Group, Dubai Energy, Dubai Knowledge Village, Dubai Outsource Zone, International Media Production Zone, e-Hosting Datafort, EMPOWER, Jumeirah Group, Dubiotech and Dubai Studio City.

Dubai Group is the diversified financial services company of Dubai Holding. Focused on banking, investments and insurance regionally and globally, Dubai Group has offices in Dubai, London, New York, Pittsburgh, Kuala Lumpur and Hong Kong. Through its subsidiaries and affiliates, Dubai Group has business interests in 26 countries that employ 16,000 individuals. Dubai Group entities include Dubai Investment Group,

Dubai Capital Group, Dubai Financial Group, Dubai Islamic Investment Group, Dubai Insurance Group and Noor Investment Group. Dubai Group plays a pivotal role for the realisation of Dubai Strategic Plan by leading the development of financial industry.