European Corporate Management Group, ecmg AG, and Dubai Bank have signed a Memorandum of Understanding (MOU) to launch an Islamic German Buyout Private Equity Fund that would invest in German Middle Market Companies.
Both parties agreed towards finalizing the details, size and structure over the next couple months.
“Dubai Bank is very pleased to launch this initiative with ecmg. This initiative is core to the several initiatives that Dubai Bank intends to launch in the next couple of months, bringing world class investment banking, asset management and Islamic banking products to the regional markets. This MOU with ecmg is one step in that direction,” said Ziad Makkawi, Chief Executive Officer, Dubai Bank.
“The attendance of the German Federal Chancellor, Gerhard Schrder, at the MOU sign-off emphasizes the significance of this joint venture with Dubai Bank, which aims to be at the fore-front of its chosen areas of expertise”, commented Dr Tomas Vrana, Member of ecmg AG’s Board of Directors and part of the Chancellor’s official economic delegation.