Fexco expanding in the Gulf with two significant ventures
KERRY-based payments group Fexco is involved in two significant new business ventures in the Middle East.
It has developed the system behind a new 'prize bond'-type competition in Dubai and taken a 50pc stake in a joint venture in Bahrain.
The saving scheme, which operates like prize bonds in Ireland, is fully compliant with Islamic Shari'a law.
In just four months it has already attracting savings worth ?85m and dolled out ?1m over four monthly draws to winners all over the Middle East including Iraq.
Fexco developed the product over nine months for the government backed National Bonds Corporation in the United Arab Emirates.
Fexco group managing director, John Nagle said: "Fexco's work with the Dubai's National Bonds follows the company's successful role and experience of the Irish Prize Bonds system.
"We hope to develop the project's success and, in conjunction with strategic partners, establish the model in other countries." Separately, its Australian subsidiary, Body Corporate Services (BCS), has formed a property management joint venture in Bahrain with a family owned Gulf-based conglomerate.
Shares in the venture called BCS Bahrain are split evenly between the Naas Group and Fexco. Under local law Fexco can not increase its stake in the company beyond 50pc for a number of years.
Set up in 1981 by executive chairman Brian McCarthy Fexco now has operations in Ireland, the UK, Spain, Scandinavia, Malta, Australia, Dubai and the US.