Libya’s Rashad bought by Arqaam
A deal has been reached for the acquisition of Al Rashad Finance and Management Advisory JSC (Rashad) together with its business, operations and financial services license by Arqaam Capital. Rashad which was established in the beginning of the year will now be operating under Arqaam Capital Libya and help clients of Arqaam’s regional network participate in projects and investments in Libya.
Before the acquisition, the company had got an initial approval for a financial services license from the Libyan Stock Market. Prior to its activities in the financial services, Rashad used to support institutions, businesses, governments and NGOs to plan, manage and execute development projects.
Riad Meliti, Chief Executive Officer of Arqaam Capital, said that Libya has been interesting their clients in recent times and relationships have already been established between the firm, public and private sector in Libya. He believes that the conclusion of the deal will help them “with additional on-the-ground insight into the Libyan market… Building on our recent expansion into Egypt, the addition of a Tripoli office is an important extension of the regional network we offer our clients.”
IMF stated that the country’s economy is expected to recover from its 2011 contraction and grow by 121% in 2012 CEO Meliti said “this startling growth projection is in line with our view on the country” citing that they “very positive on the long-term prospects of the country’s economy.” He believes that the government will be able to mobilize resources for the reconstruction of the process although the Prime Minister-elect has been dismissed from his post, after failing for a second time to win parliamentary approval for a new cabinet later in the day.