Executed Transactions – The Legacy GulfCap



Back in 2006, the Founders of GulfCap visioned, conceptualised and launched the initiative to establish the first Islamic Commercial Bank in the East African Region, to be head-quartered in Nairobi, Kenya (http://www.GulfAfricanBank.com). In addition to GulfCap and its Shareholders, the other shareholders included Istithmar World (an investment arm of the Government of Dubai); BMI Bank (Kingdom of Bahrain); Sheikh Abdullah Mohammed Al-Romaizan (Kingdom of Saudi Arabia); Eastern and Southern African Trade and Development Bank (PTA Bank) and last but not the least, IFC. GulfCap advised the Board and the management of the bank on its strategy and execution.


GulfCap was one of the Founders of the Bank (http://www.BurjBankLtd.com) with board participation, represented by Mr Jamil Qureshi. In addition to the shares subscribed by Sheikh Abdullah Al Romaizan (Kingdom of Saudi Arabia), the Bank was able to attract several leading individual and institutional investors, namely ICD (the Private Sector Investment Arm of the Islamic Development Bank, Jeddah, Kingdom of Saudi Arabia), Al-Khair Bank (previously Unicorn Investment Bank, Bahrain), Gargash Enterprises (Dubai, UAE), A-Safat Group (Kuwait) and Mr Azam Essof Kolia (Singapore). Burj Bank was sold to Al Baraka Bank (https://www.AlBaraka.com.pk) towards the end of 2016.


GulfCap was one of the founders with board participation (represented by Mr Jamil Qureshi) in one of the first Islamic Life Insurance companies (commonly known as Takaful) in Pakistan (http://www.DawoodFamilyTakaful.com).


GulfCap was the Founder, with 60% shareholding, in a car leasing company in India (https://www.TranzLease.com) which launched one of the most unique business propositions in the car leasing industry. That is, a unique concept was introduced in the Indian car-leasing market where the cars used to be leased to large corporate entities in bulk.


Following an extensive long-bidding process among several blue-chip international buyers from the whole world, GulfCap acquired Dalma Energy in 2006/07 (http://www.DalmaEnergy.com) from the Abu Dhabi based Aabar Petroleum (now Aabar Investments). GulfCap entered into an agreement with Aabar for the acquisition of its Oman-headquartered, wholly owned, oil and gas drilling services subsidiary, for USD 446 million, through a competitive bidding process. GulfCap also arranged the financing of USD 340 million from one of the largest European Banks for this acquisition.

Following signing the SPA with Aabar, GulfCap novated the original agreement in the name of Al-Qahtani Investments LLC. The acquisition was completed during the first week of January 2008.


The Founders of GulfCap successfully assisted the shareholders of the Bahrain-based Bank Muscat International now, BMI Bank, (http://www.BMIbank.com) in carrying out the organizational restructuring (as well as head-hunting a professional CEO), putting together a Strategic Business Plan (in conjunction with the UK-based Sabre Capital) and raising USD 500 million of additional capital injection, in two tranches. The first tranche's size was USD 250 million, which was successfully closed.


GulfCap was mandated by the Saudi-based Tanmiyat Group, a leading real estate developer in the region, for various corporate advisory services for their Dubai-based multi- billion US dollars project in Living Legends, Dubai.