Dubai PR Network, Online Press Release from Dubai and Middle East
 
Banking & Insurance(Banking & Investments)
Filter PR by
  
Mashreq Bank and Daman Investments Successfully Conclude One of the Largest Family Business LBO Transaction in the Gulf
 

18 April 2017 - Dubai, UAE: Mashreq and Daman Investments have successfully advised Gargash Family to acquire 100% equity in Gargash Enterprises LLC for an undisclosed amount. Gargash Enterprises is the largest independent Distributor for Mercedes Benz Passenger Cars and Commercial Vehicles in the world. 

Commenting on the deal, H.E. Abdulaziz Al Ghurair, CEO at Mashreq said, “We are delighted to have partnered with the Gargash Family to make this transaction possible. Gargash Enterprises are a respected pioneer in the premium car segment and our ability to enable this successful transaction reflects the strength of our Investment Banking capabilities, deep knowledge of the automobile industry, and strong client relationship.”

Mr. Shehab Gargash, Director at Gargash Enterprises added:  'We are very pleased with the transaction being completed and appreciate the support of our advisors Mashreq and Daman Investments. We envisage that consolidation at the shareholding level of family businesses in the Gulf is becoming more a necessity than a choice. For Gargash, this transaction sets the scope for growth and takes the company to new heights while maintaining the core values of exceptional service to our customers”

About Gargash Enterprises LLC
Gargash Enterprises LLC has been the sole distributor of Mercedes Benz products in Dubai and Northern Emirates since 1958. The distributorship sells one out of every four Mercedes Benz vehicles sold in the Middle East. The network expands across 20 locations throughout the UAE. The company also operates Sixt Car Rental and has a diversified real estate portfolio. 

About Mashreq

Established in 1967, Mashreq is the oldest Bank in the UAE with award winning financial solutions and services. Throughout its 50 years' history, Mashreq has differentiated itself through innovative financial solutions, making it possible for its customers to achieve their aspirations. Today, Mashreq has a significant presence in 11 countries outside the UAE with 21 overseas branches and offices across Europe, USA, Asia and Africa. 

Mashreq launched its new Vision and Mission in 2016, outlining its commitment towards its clients, colleagues and the community. In line with its new Vision to be the region's most progressive bank, Mashreq leverages its leadership position in the banking industry to enable innovative possibilities and solutions for its customers across Corporate, Retail, International, Treasury and Islamic Banking. Mashreq is proud to be the first financial institution in the UAE to be awarded the Gallup Great Workplace Award for three consecutive years from 2014-2016. Mashreq also continues to invest in recruiting, training and developing future generations of UAE National bankers. 

About Daman Investments 

Daman Investments is a leading non-banking financial services firm with headquarters in Dubai. Daman specializes in offering Asset Management, Brokerage, Private Equity and Investment Banking Services to institutional clients, corporations and high net worth individuals. Daman’s various operations are regulated by the United Arab Emirates Central Bank, the Emirates Securities and Commodities Authority (ESCA) and the Dubai Financial Services Authority (DFSA). 

 

Posted by : Dubai PR Network Editorial Team
Viewed 4118 times
PR Category : Banking & Investments
Posted on : Tuesday, April 18, 2017  10:01:00 AM UAE local time (GMT+4)
Replication or redistribution in whole or in part is expressly prohibited without the prior written consent of DubaiPRNetwork.com.
Previous Story : Mashreq Launches Quick Remit to Pakistan
Next Story : Mashreq Bank and Daman Investments Successfully Advised Garg...
Email this article Print this article

Share this article with your friends and followers
NewsVine
Back to Section Home

Related Stories



 
 
Most Viewed Press Release posted in the last 7 days
Introducing Parfums De La Bastide, an Artisanal Maison de Parfum inspired by Provence. [13829-Views]
Grand Optics Exclusive: MARNI eyewear collection [12743-Views]
Chaumet - Imperial Splendours, The Art of Jewellery Since the 18th Century [11877-Views]
Gold Collagen® to Launch in Dubai, May 2017 [10272-Views]
Azraq, the world's first refugee camp powered by renewable energy [9040-Views]
Dubai's largest Ramadan Night Market is Back! [8686-Views]
LG showcases a future of multiple savings with trendsetting smart homes [8668-Views]
Aab Modest Wear Launches in the UAE [8613-Views]
Kiko Milano Launches Tropic Heat - A Collection Full of Energy, Colour and Vibrancy [8229-Views]
Lexus Unveils All-New LC luxury Coupe to Open a New Chapter in Brand History [8192-Views]
Brand New Flagship ZIPPY store Opens in Dubai Mall Today [7131-Views]
Celebrate the Joy of Ramadan with IKEA'S Latest Collection [7125-Views]
Wella Koleston: Get ready for an Eid celebration that shimmers bright with color! [6765-Views]
Travel in style with these summer essentials from ban.do, Ted Baker, Tatty Devine & Happy ... [6734-Views]
MICHAEL KORS Mens' Accessories [6618-Views]
Stunning New Collections from Jaguar and Land Rover [6545-Views]
Perfecting the Journey with TUMI 19 Degree Global Campaign [6496-Views]
Esposa Privé's Ramadan Collection Lands in Dubai & Abu Dhabi [6399-Views]
Celebrate the Warmth of Ramadan With Graceful Shades from Baume & Mercier [6143-Views]
Exotic Perfume Worth Over AED 608,000 a Bottle Draws Fragrance Buffs at Beautyworld Middle... [6063-Views]
EUROSTAR Group expands its beauty and personal care product portfolio [5935-Views]
Bubble 42 Juliette Jourdain - The Girl with the Pearl Bubble [5612-Views]
Siemens partners with SACGC to boost industrial technology skills in Kuwait [5594-Views]
Dubai Chamber announces winners of Dubai Smartpreneur Competition [5539-Views]
Volvo Cars partners with Google to build Android into next generation connected cars [5472-Views]
 
RSS Facebook Twitter LinkedDin
 
Top Sections
 
Top Stories