U-Capital formally inaugurated; it is one of the largest investment banking platforms in Oman

March 22, 2017

U-Capital, one of the largest independent investment banking platforms in Oman, was inaugurated on Monday at Ominvest building in Shatti al Qurm. 

inaugurated on Monday at Ominvest building in Shatti al Qurm.

The inauguration was held under the auspices of H E Yahya al Jabri, chairman of the Special Economic Zone Authority at Duqm (SEZAD), according to a press release.

Honourable guests at the event included: H E Hamood Sangour al Zadjali, executive president of the Central Bank of Oman; H E Abdullah al Salmi, executive president of the Capital Market Authority; Ahmed Saleh al Marhoon, director general of the Muscat Securities Market; H E Stefano Lazzarotto, Switzerland’s Ambassador, H E Zuhair Abdullah al Nsour, Jordanian Ambassador and H E Ahmad Abbas Ramadan, Palestinian Ambassador. Among other attendees were dignitaries, government officials, diplomats, business leaders and senior executives and employees of Ominvest, Arab Bank (Switzerland) Ltd, Oman Investment Fund (OIF) and U-Capital.

U-Capital was incorporated in November 2016 by Ominvest (with a 36 per cent ownership), Arab Bank (Switzerland) Ltd (34 per cent ownership) and OIF (30 per cent ownership). Soon after its formation in December 2016, U-Capital acquired Oman Arab Bank’s investment banking business (OABINVEST), which had a long-standing track record spanning two decades in Oman. 

U-Capital is already operational and commenced its business activities at its new office at Ominvest building. Its major business divisions are corporate finance, asset management, brokerage and custody services covering local and regional markets.

U-Capital shareholders intend to grow the platform to create employment opportunities for Omani nationals, help finance new ventures and create value for all stakeholders. The envisioned business expansion, new resources and capabilities are expected to make U-Capital one of the largest investment banking platforms in the region. 

In his speech, Sheikh Hassan al Nabhani, chairman of U-Capital highlighted that the acquisition of OABINVEST was a major step towards realising their vision of creating a premier asset management company out of Oman – with global reach and capabilities. He said U-Capital will cater to the investment needs of major institutional investors, while operating as a platform for attracting foreign investments into Oman.

Nabhani added that U-Capital will focus on developing local human capital and create a pool of professional investment banking professionals.

Abdulaziz al Balushi, group CEO of Ominvest, said that Ominvest is proud to be a key shareholder in U-Capital and pleased to provide strategic support to take U-Capital to the next level.

Balushi emphasised that U-Capital will help in creating substantial synergies with various portfolio companies of Ominvest Group and its affiliates. U-Capital will be managing all financial investments of

Ominvest Group and its affiliates, working together on merger and acquisitions (M&A) deals and launching investment funds and products as co-sponsors. Balushi noted that Ominvest has already allocated US$250mn to U-Capital for management and custody.

Wahbe Tamari, chairman of Arab Bank (Switzerland), said that the bank will provide support to U-Capital in building a world-class institution catering to a broad base of regional and international customers.

U-Capital CEO Lo’ai Bataineh said the transition from OABINVEST to U-Capital has been smooth and seamless, adding that he was confident of a bright future for U-Capital. He affirmed that previous customers from OABINVEST and the new clients will greatly benefit from a wider array of products and enhanced services being offered by U-Capital.