Acacia was founded by Bahrain’s TAIB Bank in 2006, and the acquisition by Dubai Group is intended to give it access to Acacia’s experience in structuring real estate financial products and increase its ability to participate in other real estate deals.

The deal is part of Dubai Ventures Group mandate to buy controlling stakes in real estate firms.

Separately, Bahrain’s Unicorn Investment Bank has acquired the Bahrain Financing Company, a foreign exchange and remittance house with operations in Bahrain, Kuwait and the UK.