DUBAI, 21 November 2007 — Dubai Financial Group (DFG) and Abraaj Capital have agreed a transaction by which DFG will acquire 100 percent of Abraaj Egypt Ltd. and Abraaj SPV 26 Ltd. (which collectively own a 24.62 percent stake in Cairo-based EFG-Hermes) from Abraaj Capital for approximately $1.1 billion. The transaction makes DFG, through its offshore subsidiaries, the single largest shareholder in the premier regional investment bank. Mohammad Al- Gergawi, chairman of Dubai Holding said: “Through this investment, Dubai has achieved yet another distinctive success in driving its regional footprint in the banking industry. I am excited about the possible synergies that Dubai Group’s new partnership with EFG-Hermes will bring to all their stakeholders.” EFG-Hermes is the leading full-service investment bank in the Arab world. Listed in London and Cairo, EFG-Hermes has a market capitalization in excess of $ 4 billion.
Zakat Calculation Goes Electronic
ABU DHABI, 21 November 2007 — The Zakat Fund launched yesterday its services aimed at assisting commercial companies to calculate their Zakat electronically. The new system, sponsored by Damas Group, enables commercial companies to calculate their Zakat dues electronically in preparation of its payment. At a press conference held to announce the launch of the programme, secretary general of the Zakat Fund Abdullah Bin Aqida Al-Muhairi said that the venture targets a major sector in the economy, thus enabling them to calculate and channelize the Zakat.