DUBAI MAJID AL FUTTAIM, JAPAN ORIX IN LEASING JV
June 12, 2001
Global News Wire DUBAIS Majid Al Futtaim Investments has signed a joint venture agreement with Orix Corporation of Japan to form a leasing company in the UAE. The new company will engage in equipment leasing and related financial services.
The joint venture partnership was announced through a Press release issued both in Tokyo and Dubai yesterday. The release, however, did not disclose either the size of the investment or the equity of the respective partners. This is the first major deal Majid Al Futtaim Group of Companies has carried out after the recent sale of its stake in Al Futtaim Trading Group of Companies.
Last week, Majid Mohammed Al Futtaim sold his 50 per cent stake in Al Futtaim Trading Group of Companies, one of the leading business houses in the UAE, to his cousin Abdulla Hamad Al Futtaim who has become the whole owner of the group which comprises almost 40 companies.
According to the release, the joint venture agreement was signed in Tokyo by Yoshihiko Miyauchi, chairman and chief executive officer of Orix Corporation, Majid Al Futtaim, chairman of Majid Al Futtaim Investments, and S.U. Durrani, vice-chairman, Orix Leasing Pakistan. Orix Corporation is Japans largest leasing company and one of the biggest diversified financial services companies in the world with special expertise in aircraft and ship leasing and financing. The company, which has operations in 21 countries and has assets in excess of $ 50 billion, is listed on Tokyo and New York stock exchanges, the release said.
After the recent restructuring, Majid Al Futtaim owns City Centre, Carrefour hypermarkets, City Centre Hotel and Residence (Sofitel), Cinestar and MAF Securicor under the banner of Majid Al Futtaim Group of Companies.
But, as a key partner in Al Futtaim Trading Group, he has a long history of association with Japanese companies, including Toyota, Honda and Panasonic.
Orix Pakistan, a subsidiary of Orix Corporation, is one of the biggest leasing companies in Pakistan and acts as the regional head office for Orix Corporation for the MIddle East and North Africa which includes joint venture leasing companies in the Sultanate of Oman, Egypt and Saudi Arabia.
Leasing, which is well established in Japan and the Western economies, has had a late start in the MIddle East, but is rapidly receiving recognition in the region as a conduit for assisting small and medium size enterprises.
Orix Groupss worldwide leasing experience and Majid Al Futtaim Investments knowledge of the UAE business environment indicate that the UAE market has good potential for developing a successful leasing operation, the release said.
I'm going now to search "MAJ Securicor"!I have spent a lot of time doing that , and I never came up with that name,(MAF).
If Securicor is owned by an Arab, I think I will jump off a bridge!
Please dont go to sleep early tonight!
I'll get back as soon as possible!
So far, all I can find is that there is a MAF Securicor.
There is also a Jardines Securicor.
It looks to me like maybe you can own a piece of Securicor,like a gas station, or a McDonalds.
Does this mean that the Arab Futtaim had anything to do with Arab terrorists killing thousands of WTC people?
I'm getting a severe headache!
I still cant find the stockholders of Securicor.
Hopefully, someone smarter than me can figure this one out!