Headquartered in Dubai, the United Arab Emirates (UAE), the venture MAF JCB Card PJSC is planning to start issuing JCB cards this July and also developing JCB license partners for JCB card issuing and merchant acquiring businesses.

Hiroya Nobuhara, President and CEO of JCB said, "This is a big step for JCB in expanding its operations in the MENA region. For the first time since JCB launched its international operations in 1981, it is taking this step by establishing a joint venture with the most prominent partners. I am thrilled that the number of JCB license partners and cardmembers will be soon significantly increasing in the market where JCB has been paying a particular attention."

JCB, as a global payment brand and the leading credit card issuer and acquirer in Japan, has been actively building its presence in the Middle East since 1987. In 2005, the first JCB card in the Middle East was issued in Bahrain. To enhance its acceptance network especially in the UAE, JCB had signed acquiring agreements with major partners such as Mashreq Bank in 1996, National Bank of Dubai in 1997, and Network International in December 2006.

Representing ORIX, an integrated financial service provider, Yasuhiko Fujiki, President and COO added, "ORIX and JCB have had a comprehensive business tie-up since 2005. This is a significant milestone for us as the new company in the UAE is going to be our first joint venture outside Japan under this partnership."

Fujiki emphasized that the MENA has been a target market for ORIX as well as for JCB. Since the establishment of its leasing business in Pakistan in 1986, ORIX already has six offices including joint ventures in five countries in the MENA region. Fujiki also commented that he anticipates the joint business with JCB in the UAE will generate good synergies for both of their business in the MENA region.

As part of ORIX's strategy in the MENA, ORIX joined Majid Al Futtaim Group, the region's most prominent developer of shoppping malls and hypermarkets, to create MAF ORIX Financial PJSC in the UAE in 2002. ORIX and the Group currently operate joint ventures in four countries.

Ahmed Bin Brek, CEO of MAF Ventures LLC said, "This initiative marks a new direction for Majid Al Futtaim Group and extends its customer offering. We are proud to have as our partners two of Japan's finest financial institutions and their involvement signals our determination to offer a premium service to users of the Group's malls and other customers throughout the MENA region. In terms of our strategy this joint venture is a stand-alone project with obvious synergies with the Group's core activities. It will drive revenue for the company while increasing our customers' buying power."

Majid Al Futtaim Group owns the franchise license for the French hypermarket chain Carrefour in the MENA region, along with a variety of shopping, entertainment and leisure facilities. Also, the Group opened Ski Dubai in October 2005, the only indoor ski resort in the Middle East as a part of its customer business.

MAF JCB Card PJSC will start issuing JCB cards this July, first targeting existing and potential Majid Al Futtaim Group customers in the UAE for an estimated 150,000 cards in five years, and will soon expand to another target area. It will also be conducting marketing activities to develop partnerships with financial institutions for JCB card issuing and merchant acquiring businesses.