Dubai 5th May 2019 – Al Ramz Corporation Investment and Development said on Sunday it has agreed to acquire a Dubai-based securities brokerage firm for Dh24 million.
Mohammad Al Mortada Al Dandashi, the Managing Director of the Group said:
“With the perseverance of financial markets woes, we have a conservative approach towards the valuation of our investment portfolio. As a result, investment losses were reported for the quarter which eclipsed achievements in the optimization of our cost base.”
“We anticipate the launch of our first fund as well as the acquisition of a Dubai based securities brokerage firm in the second quarter to boost our revenues. Consequently, we expect our results for the second quarter of 2019 to reflect a return to profitability following two consecutive quarters of underperformance,” he added.