Investment company Al Hail Holding has acquired wealth and asset manager Allied Investment Partners (AIP) for an undisclosed sum.
Established in 2007, AIP is regulated by the Securities and Commodities Authority (SCA) in the UAE.
The firm offers asset management, wealth management, corporate finance and investment banking advisory services.
Hamad Jassim Al Darwish, chairman of AIP, said: “With the completion of this transaction, AIP has now become a fully local financial services firm, and aims to be the one stop shop for its clients providing wealth management, asset management, and a full suite of investment banking services.”
Iyad Abu Hweij, managing director of AIP, added: “We are excited about this acquisition and the new board of directors which consists of reputable and experienced directors, which will also provide direction and guidance towards achieving AIP’s vision.
“We are in the final stages of the development of a new set of products which will be launched during this quarter. These products will enable AIP to further address market demand for safe, liquid, and unique investments across different asset classes.”
