ICD buys Capitas Group - Saudi Gazette
As part of its strategy to facilitate private sector investment, the Islamic Corporation for the Development of the Private Sector (ICD), has acquired Capitas Group International and has changed its name to Catalyst Group.
The existing Catalyst Group management team is extending market interventions in real estate development and Islamic non-bank financial institution advisory services. In conjunction with the launch of the new brand, the tag line ‘Energizing Enterprise’ has been chosen to better reflect the current and future direction of the company.
Khalid Al Aboodi, CEO of ICD, said “the acquisition of Catalyst Group is strategically important as it will act as a facilitator for business in the markets we serve”.
“Catalyst Group is pleased to have the support of the ICD and looks forward to assisting our partners with pure play real estate opportunities, real estate finance advisory services, and generally improving access to capital for small-to-medium enterprise through our interventions” said Nazih Al Naser, CEO of Catalyst Group.
ICD is a multilateral organization and a member of the Islamic Development Bank (IDB) Group. The mandate of ICD is to support economic development and promote the development of the private sector in its member countries through providing financing facilities and/or investments which are in accordance with the principles of Shariah.
ICD also provides advice to governments and private organizations to encourage the establishment, expansion and modernization of private enterprises. ICD is rated AA/F1+ by Fitch and Aa3/P1 by Moody’s.
Catalyst Group was established in 2009 and is a wholly-owned subsidiary of the Islamic Corporation for the Development of the Private Sector, member of the Islamic Development Bank Group. The company is a leading provider of technical advisory services for Islamic Non-Banking Financial Institutions & Real Estate Development Services.