(MENAFN) Dubai-based investment firm Arqaam Capital will buy Al Rashad Finance and Management Advisory, a financial services firm in Libya, as it seeks to tap into the country's economic reconstruction after its civil war, Reuters reported.
The deal will open the door for Arqaam to set a foothold in the North African country, and the potential to buy and sell securities and manage portfolios there, Arqaam said in a statement.
Al Rashad Finance, founded in February, has received initial approval for a financial services licence in Libya, Arqaam added.
Arqaam offers corporate finance, asset management and brokerage services through its main office in Dubai.
The firm operates in Beirut, London and Cairo. The firm bought Egyptian brokerage firm El Rashad Securities in January.
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