Jeddah, (IINA) : The Islamic Corporation for the Development of the Private Sector (ICD), a member of the Islamic Development Bank (IDB) Group, announced that it has acquired Capitas Group International and changed its name to Catalyst Group as part of its strategy to facilitate private sector investment.

The ICD said that the existing Catalyst Group management team is extending market interventions in Islamic non-bank financial institution advisory services and real estate development.

Khalid Al-Aboodi, CEO of ICD, said that “the acquisition of Catalyst Group is strategically important as it will act as a facilitator for business in the markets we serve.”

Nazih Al-Naser, CEO of Catalyst Group, said: “Catalyst Group is pleased to have the support of the ICD and looks forward to assisting our partners and generally improving access to capital for small-to-medium enterprise through our interventions.”