OASIS International Leasing is to acquire a 42.5 per cent in Bahrain-based Addax Investment Bank. According to the agreement, Oasis will be the largest shareholder and will have ‘direct representation’ in the bank.

Chairman HE Hussain Al Nowais described the acquisition as strategic expansion for Oasis. “This strategic acquisition will provide us with an ideal platform for regional expansion in financial services. Through this injection of capital by Oasis, we are confident that we will be able to support the existing shareholders and management team at Addax to continue their impressive record of success and capitalise on the exciting opportunities going into the future.”

Al Nowais praised the remarkable financial performance of the company during the third quarter of the year, saying: “This has supported the company to push forward its investment plans in the leasing sector as net profits for the third quarter increased 20 per cent to AED 30 million, compared to AED 25 million during the third quarter of 2006. Operational profits for the same period increased 29 per cent to AED 27 million over the same period in 2006, which recorded AED 21 million.”