Rasmala, a Dubai investment bank, has withdrawn its private equity fund as part of its restructuring efforts.
The fund, which is Sharia-compliant, was launched last year and had targeted investment of US$300 million (Dh1.1 billion). Rasmala will now focus on single deals.
“We felt in this private equity fund investors had less of an appetite but we have completed a very extensive restructuring,” said Ali al Shihabi, the founder and chairman of the bank.
It is the latest move in the investment bank’s restructuring, announced last November, after last month’s decision to wind down its retail brokerage in an effort to reduce costs.
The company has shut its three retail branches in Egypt, but continues to provide brokerage services to clients online.
It had already embarked on a round of job cuts in November to lower costs by up to 25 per cent.
“The industry needs to pull its socks up and take hard decisions and restructure in the coming years,” Mr al Shihabi said.
http://www.thenational.ae/business/banking/rasmala-ends-equity-fund-as-focus-shifts
