Following a highly successful restructuring exercise, Injaz Mena, a licensed investment company regulated by the Central Bank of the UAE, today reported its first profit since 2008. For the year ending March 2014, Injaz Mena achieved a net profit of AED 7.1 million, which is approximately a 20 per cent return on adjusted equity.
Established in 2005, Injaz Mena’s rapid growth was curtailed with the onset of the financial crisis in early 2009. A new board of directors was put in place in July 2013, chaired by Jassim Alseddiqi, Chief Executive Officer of Abu Dhabi Capital Management, to guide the company through a period of restructuring and to extract the maximum value from its legacy portfolio.
Jassim Alseddiqi, Chairman of Injaz Mena, said: “Injaz Mena faced strong headwinds with the onset of the financial crisis in early 2009, but these issues are now firmly in the past. On behalf of the board, I thank our shareholders and partners for their support over recent years, and we look forward to working successfully together in the future.”
With its recovery complete and a newly hired team of investment professionals in place, Injaz Mena will now be rebranded as Integrated Capital. From its headquarters in Abu Dhabi, the operational focus of the company will also shift from investing to providing asset management, advisory and research services to high-net-worth and institutional clients in the UAE.
Alseddiqi added: “The IMF has the UAE economy expanding at around five per cent for the next five years with a spike to eight per cent in 2020. From a position of real strength and with the company now back in growth mode, Integrated Capital now embarks on new era of opportunity and is fully ready to capitalise on the abundant opportunities to offer asset management, advisory and research services in the UAE market.”