After weeks of political turmoil since the killing of US Ambassador J. Christopher Stevens, Libya’s economic prospects received a boost of confidence with news that a Dubai investment bank was buying a local financial services company.
Arqaam Capital, which describes itself as a Dubai investment bank specialising in emerging markets, announced Sunday it had reached an agreement to purchase the entire operations of Libya’s Al Rashad Finance and Management Advisory.
Once the deal is sealed — possibly by the year’s end — Rashad will operate as the Libyan arm of Arqaam, a press release said.
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