Oasis International Leasing Company, the UAE's leading big-ticket leasing company, has signed a joint venture agreement with the United Kingdom's Blenheim Capital Partners Limited to establish Al Waha Financial Services (AWFS).

AWFS will be capitalised with an authorized capital of Dh50 million ($13.6 million). Oasis Leasing will invest 60 per cent of the initial capital of Dh50 million and Blenheim Capital Partners 40 per cent. The new company will seek approval from the regulatory authorities in the UAE, said an official spokesman.

The agreement was signed by Oasis chairman Hussain Al Nowais and chairman and CEO of Blenheim Capital Services (on behalf of its affiliate Blenheim Capital Partners Limited) Grant Rogan.

AWFS will specialise in structured finance and risk management solutions.  AWFS will initially focus on meeting the market demand for this specialised service in the UAE and the Middle East and North Africa (MENA) region. 

"This strategic partnership provides us with an ideal platform to address the growing demand for specialised financial services in the national and regional markets. AWFS will also seek to leverage the new opportunities that are emerging from the rapid economic development in the MENA region.  We are confident that this injection of capital by Oasis will result in excellent returns, ultimately benefiting the country and Oasis' shareholders," said Al Nowais.
 
"We are very excited about the long-term strategic partnership with Oasis Leasing.  Blenheim and its shareholders have had a long-standing relationship with Oasis, which enjoys a great reputation in the region and whose involvement in AWFS will bring tremendous support and value to the new business," said Rogan.

Oasis Leasing announced a restructuring plan early this year, which was approved at the annual general meeting in May. As part of the restructuring, Oasis Leasing will become "Al Waha Capital" under which four subsidiaries will be established: 'Al Waha Leasing', 'Al Waha Land', 'Al Waha Maritime' and 'Al Waha Financial Investment'. - TradeArabia News Service