The Jeddah-based Dallah Albaraka Group said on 24 April that it has consolidated more than 50 financial institutions worldwide into a new financial services sector to enable them to pool expertise and human resources.

The aim of the consolidation is to bring the various banks and financial companies controlled by Albaraka Investment & Development Company under ‘one uniform management policy’ to enable ‘the pooling of the best ideas, formats and working attributes among them,’ a statement from the group said.

‘Before, they were all part of Dallah Albaraka, but there was no financial services sector as such managing them.’ a company source said.

In the short-term, the consolidation’s aims include boosting the performance of the various units, setting up investment fund management teams and collating fiscal year-end closures so that the sector can produce consolidated financial statements, the statement said. Over the next three-five years, companies will be grouped in regional profit centres and regional support centres will be set up.

Dallah Albaraka Group, whose founder and chairman is leading Saudi businessman Saleh Kamel, has interests ranging from banking and construction to broadcasting. London daily Al-Hayat reported in March that the group’s businesses had been restructured into three groups (MEED 8:3:96).