Dubai – Mubasher: Al Ramz Corporation on Sunday announced receiving a licence to establish, manage, and administer funds in the UAE.

The firm received the licence from the UAE’s Securities and Commodities Authority (SCA), Al Ramz said in a statement to the Dubai Financial Market (DFM).

The company further revealed that it had launched its investment management services in November 2016 as part of a medium-term plan “to transform from a specialist group into a broad-based investment bank.”

Commenting on the receipt of the licence, Al Ramz managing director Mohammed Mortada Al Dandashi said that after his company’s success in providing asset management services, “we are pleased to launch our fund management activities.”

The new licence will allow Al Ramz to serve “an important extension to our value proposition,” the top official noted, highlighting that the company believed that its fund management service line would play an important role in the firm’s future.

Al Ramz Corporation recently reported a year-on-year decline in net profits of 13% to AED 29.8 million during the January-September period of 2018 from AED 34.17 million.