Dubai-based investment bank Shuaa Capital is expanding its profitable credit finance business, Gulf Finance Corp (GFC), into Saudi Arabia and may offer a stake in the unit to new investors, is chief executive said.
“It is the only business that makes money,” CEO Michael Philipp said. The company, which helped float ports operator DP World several years ago, is setting up a sharia-compliant credit or lending business in Saudi Arabia based on the UAE model and plans to build an overall lending platform in the Gulf region, Philipp said………………………………………..Full Article: Source