Gargash Group has announced the acquisition of Deem Finance, a digital financial services provider in the consumer finance sector in the UAE. The acquisition is expected to expand the financial services offering of the Gargash Group in the market, and enhance the group’s ability to implement its strategic growth plans.
Gargash Group has had a strong presence in the non-banking financial services sector for 23 years through Daman Investment Company, which is one of the regional companies operating in this sector. Daman Investments offers a variety of services including asset management, stock brokerage, and wealth management.
Daman Investments also has a long history in the field of investment management and advisory services to local and regional clients. Daman, through its core advisory services, assists companies in increasing their capital to strengthen and grow their businesses, advises on mergers, acquisitions and sales, and provides guarantees for capital, equity and debt market transactions.
Deem Finance is a financial services institution that provides a wide range of corporate finance solutions, including loans, credit cards and corporate deposits. The company is licensed by the Central Bank of the UAE, and has managed to attract a wide customer base in the UAE market through its innovative range of cashback cards and cards based on customer loyalty rewards.
Shehab Gargash, Managing Director and CEO of Gargash Group, said: “We are very pleased to be part of Deem’s growth journey. We believe this transaction will allow us to reinvent and develop our financial services in a way that allows us to align the success of our brands with the financial success of our customers.
Ahmed Khedr Khan, CEO of Daman Investments, said: “Deem Finance has built a strong product portfolio and has the technological foundations to launch innovative financial products and services that meet the evolving needs of individual and corporate clients. The announcement of the deal did not include disclosure of the terms of the acquisition of Deem Finance.
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