Shuaa Capital, a Dubai-listed financial services firm, Sunday said it has launched an installment and lease finance company in Saudi Arabia.
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The company, called Gulf Installments Company, is to offer Shariah-compliant financing and will focus on small and medium-sized enterprises, Shuaa said in an emailed statement. It is to offer financing from one to four years.
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The move comes as Shuaa tries to strengthen its foothold as a provider of credit to regional firms. David Hunt, a veteran HSBC banker, was appointed chief executive of the company.
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Gulf Installments is based in Jeddah, but has plans to expand within the country in the coming years.
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