Unicorn says it has upgraded DFSA licence


Unicorn Capital Limited Dubai (Unicorn Capital Dubai), a subsidiary of Bahrain-based Unicorn Investment Bank, has upgraded its Dubai Financial Services Authority (DFSA) licence from Category Three to Category Two, a press statement said yesterday.

The new licence enables Unicorn Capital Dubai to act as principal in connection with investments and to become Unicorn Investment Bank's Direct Investment arm.

Unicorn Capital Dubai is also the fund manager of the Strategic Acquisition Fund, a closed-end fund that seeks to mobilise capital to take advantage of mergers and acquisition opportunities arising from the current fragmented nature of the global Islamic financial services industry.

The fund will acquire strategic stakes in and manage commercial banks both regionally and internationally, with the goal of building a large and globally recognised international Islamic financial services group, while providing investors access to new markets and distribution channels as well as attractive returns.