Baka Holding, a Dubai-based multinational real estate consultancy and development company, has bought a 20 per cent stake in financial firm Apex FX Trading for Dh223 million.
The move is intended to strengthen Baka's portfolio of diversified investments and bolster its regional presence. "These are exciting times for Baka Holding," said Managing Director and CEO Mansour Al Othaimin. "We have an enviable track record as a real estate asset management company and now we want to explore uncharted areas of investment opportunities, we want to break new ground. And we have found a perfect partner in Apex FX Trading for our diversification plans.
"Our decision to team up with Apex is a deliberate and informed choice. We had conducted an in-depth analysis of the financial market and Apex topped our list of requirements.
"And moreover they share our values and ethics as well as our vision for sustained growth in the future. Apex has honed its competitive edge in the global market and that will position us to achieve our goals in the UAE and the Gulf."
Apex has a significant presence in the Levant region and the alliance with Baka will open doors to the thriving GCC market. Apex has registered and commenced operations at the Dubai Gold and Commodities Exchange Apex and will now hasten efforts to start operations at the Dubai International Financial Centre. "I hope the partnership with Apex, proven leaders in the field of foreign currency trading, will be mutually beneficial and highly rewarding," said Al Othaimin.
Apex Chairman Ayman Owaynat said: "We are immensely proud to be associated with Baka. Baka enjoys a very good reputation and excellent relationship with many countries in the Gulf that will make it easier for Apex to become attuned to the region and develop close relationship in the market. Joining hands with Baka is a pro-active decision for Apex.
"Our fundamental objective is to let Baka enrich its portfolio of investments by making use of Apex's unrivalled experience in tackling the volatile world of high finance as well as banking on our brain trust. In turn, we at Apex, hope to spread our wings in the Gulf.
"This capital infusion will allow Apex to enhance its dealing and IT services. Expansion into GCC market tops our business agenda."
Baka provides a range of property development, management, leasing and brokerage services.