Arqaam Capital, a specialist emerging markets investment bank with strong regional presence, has acquired a top Libyan financial services firm as part of its strategy to enter North African market.

Dubai-based Arqaam said it has reached an agreement with Al Rashad Finance and Management Advisory to take over its entire business, operations and financial services.

The new company will operate under the name of Arqaam Capital Libya following the acquisition.

Commenting on the deal, Riad Meliti, the CEO of Arqaam Capital, "We have seen increasing client interest into the region and have already established relationships with key public and private entities in the country."

“This acquisition will provide us with additional on-the-ground insight into the Libyan market, which we will, in turn, be able to provide to our clients. 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,” he added.

Rashad was founded in February 2012 to support institutions, businesses, governments and NGOs to plan, manage and execute development projects.

Since then, the company has been engaged to support a variety of projects ranging from public financial management and organisational restructurings for government bodies to corporate finance support for a private construction business to the establishment of an NGO.

Following the close of the acquisition, the Rashad team will join Arqaam Capital Libya and leverage Arqaam’s regional network to enable clients to participate in projects and investments in Libya, said Meliti.-TradeArabia News Service