Printer Friendly

JCB, ORIX and Majid Al Futtaim Group Establish Joint Venture Credit Card Business in the UAE.

Dubai, Oct 15, 2008 - (ACN Newswire) - JCB and JCB International announced today that, in collaboration with ORIX Corporation (ORIX) and Majid Al Futtaim Group (MAF Group), a joint venture credit card company Majid Al Futtaim JCB Finance LLC (MAF JCB), has been established in Dubai.

Based in the UAE, whose affluent tourist resources and stable growth in consumer spending promise a growing credit card market, MAF JCB will issue JCB credit cards and promote license partners throughout the Middle East and North Africa.

MAF Group is a close partner of ORIX, who is looking to enter into new business opportunities in the Middle East. MAF Group has invested in ORIX subsidiaries in Pakistan, Oman, Egypt, as well as the joint venture corporation MAF ORIX Finance PJSC, established in the UAE in 2002.

JCB, who aims to enhance their brand throughout the Middle East and North Africa, signed a joint venture agreement with MAF Group in January 2007 through an introduction coordinated by ORIX, a strategic partner of JCB. The threecompanies have been proactively working together to create a card company in the Middle East that provides attractive card services not offered by any other international brand.

Benefiting from JCB's credit card business expertise and ORIX's experience in international finance, MAF JCB aims to meet the credit card needs of the market while playing a central role in strengthening MAF Group's customer services and marketing strategies.

Starting today, MAF JCB is accepting applications for the first JCB international brand card in the UAE, the Najm JCB credit card (Najm means "star" in Arabic) at Carrefour and other MAF Group operated retail facilities.

MAF JCB will look to contribute to economic growth in the region through expanding into 19 countries throughout the Middle East and North Africa, thereby further promoting the JCB international brand and presence.

Name: Majid Al Futtaim JCB Finance LLC
Capital: 60 million UAE Dirham
Location: Dubai, United Arab Emirates
Investor ratio:
 MAF Ventures LLC 60%
 ORIX Corporation 30%
 JCB International Co., Ltd. 10%
Employees: 50 (as of October 2008)
Business areas: Credit card issuance, JCB brand development

About Majid Al Futtaim Group

Majid Al Futtaim Group is the region's most prominent property and shopping malls developer. The Group opened its first shopping mall in 1995 and has since created businesses of international significance which have changed the face of shopping, entertainment and leisure in the Middle East and North Africa (MENA). Over the past decade the Group has taken his groundbreaking concepts into other major cities in the United Arab Emirates and throughout the Middle Eastand North Africa.

The Group consists of a number of core businesses that complement one another, yet are separately managed. This provides maximum flexibility and potential, enabling the operating divisions to seize their own opportunities yet work together on major projects.

The Group is widely known for its iconic and internationally recognized Mall of Emirates, the largest shopping resort outside North America. Mall of the Emirates is also home to Ski Dubai, the first indoor ski resortin the region. The emphasis on great design, critical tenant mix and customer focus gives the Group an exceptional portfolio of impressive projects.

About ORIX

ORIX Corporation (TSE: 8591; NYSE: IX) is an integrated financial services group based in Tokyo, Japan, providing innovative value-added products and services to both corporate and retail customers. With operations in 26 countries and regions worldwide, ORIX's activities include corporate financial services, such as leases and loans,as well as automobile operations, rental operations, real estate-related finance, real estate, life insurance, and investment banking. For more details, please visit our website at:

About JCB

JCB is a major global payment brand and leading credit card issuer and acquirer in Japan. JCB launched its card business in Japan in 1961 and began expanding overseas in 1981. Its merchant network includes 12.32 million merchants and spans 190 countries and territories. JCB cards are now issued in 19 countries and territories, with more than 59.78 million cardmembers. As part of its international growth strategy, JCB has formed alliances with more than 350 leading banks and financial institutions globally to increase merchant coverage and cardmember base. As a comprehensive payment solution provider, JCB commits to provide responsive and high-quality service and products to all customers worldwide. For more information, visit:

Note: figures are as of the end of March 2008.

Source: JCB

ORIX Corporation
Corporate Communications
Greg Melchior
Tel: +81-3-5419-5042
Fax: +81-3-5419-5901

Kazumi Kinoshita
International Strategy Planning Department
JCB Co., Ltd.

Copyright 2008 ACN Newswire. All rights reserved.
COPYRIGHT 2008 Japan Corporate News Network K.K.
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 2008 Gale, Cengage Learning. All rights reserved.

Article Details
Printer friendly Cite/link Email Feedback
Publication:ACN Newswire
Article Type:Company overview
Date:Oct 15, 2008
Previous Article:Hitachi Chemical Setting Up an Automotive Parts Plant in Mexico.
Next Article:Olympus "Joint update service for Four Thirds lenses" launched.

Related Articles
ORIX Announces Capital Tie-Up Agreement with JCB.
JCB, ORIX and Majid Al Futtaim Group Establish Joint Venture for Credit Card Business in the UAE.
Emirates NBD unveils Business Credit Card.
Barclays launches business credit card.
JCB, ORIX and Majid Al Futtaim Group Establish Joint Venture Credit Card Business in the UAE.
MAF offers new credit card with lots of discounts.
MAF launches credit card JV.
Zurich Financial Services sets up takaful venture with Abu Dhabi firm.

Terms of use | Privacy policy | Copyright © 2020 Farlex, Inc. | Feedback | For webmasters