CORECAP Limited, a leading alternative investment firm with operations in Dubai and Qatar, announced the launch of CORECAP Islamic Merchant Banking at its second annual private investor forum at the Burj Al Arab, Dubai. The forum was attended by CORECAP's prominent key investors, industry leaders and decision makers in the MENA region, led by Engineer Sultan bin Saeed Al Mansouri, UAE Minister of Economy. Al Mansouri provided a revealing insight into the government's solid future direction. He addressed the issues currently being faced by the UAE economy and the initiatives the government is pursuing to overcome them. He said: “The one thing that is really important for this region to move on and develop itself in the proper way is if the economic agenda takes the lead over the political agenda. The UAE government has taken a stand on how they will address the crisis through guidelines put by Prime Minister Vice-President and Prime Minister Sheikh Mohammed Bin Rashid Al Maktoum, Ruler of Dubai in creating a committee to address the issue of the current world situation in relation to its effect on the UAE. “We have managed to address a number of issues and we are the ones who are going to be more prepared and more pre-emptive in reacting than the rest of the world. This is the right time for us to be able to have confidence in ourselves, and confidence in what we do with regard to the rest of the world. CORECAP has our full support, as the UAE government, as the UAE Ministry of Economy and the different economic sectors in the UAE and I wish them every success with their vision of Islamic Merchant Banking,” Al Mansouri added. Co-chairman Mohamed Mahmoud Nosseir said: “Over the past two years, CORECAP has built a platform that positions it ahead of the curve. We are further strengthened by the UAE's support to entrepreneurship.” “With a strong shareholder base that includes some of the region's thought leaders and an outstanding management team, we have looked cautiously at the current market conditions and have identified that Shariah- compliant investments in infrastructure, agriculture and healthcare are the way forward,” Nosseir added. Khaled Hassan Rashed, chief executive officer of CORECAP, said “with governments' equity injection packages, slashing interest rates and focusing on real assets, the world has started to apply Shariah- principles to recover. The Arab world now has the financial resources and the principles that place it at the forefront of the global economy. We believe our time has come to lead with Shariah guidelines and we are glad be the first to announce the launch of CORECAP Islamic Merchant Banking, to lead the next and only way forward.” __
