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FINANCIAL NEWS
Investcorp purchases stake in Saudi Theeb Rent a Car
25 Sep 2013
(MENAFN) Investcorp, a Bahraini alternative investment manager, has purchased stake in Saudi car-rental firm yesterday. Financial issues between them were not mentioned, according to Gulf Daily News.
Investcorp’s Gulf Opportunity Fund bought 30 percent of the Saudi-based Theeb Rent a Car’s stake, a step in which it is expected to be major in taking Theeb’s future strategies and decisions.
Theeb co-founder and chief executive Mohammed Al Theeb said: “We hope to achieve double-digit growth over the next five years.”
“With Investcorp’s active support, we believe we are well-positioned to consolidate our position and acquire further market share,” he added.
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