Aspire Capital Holding (formerly Pioneers Holding) has set up a microfinance arm, Kheir Microfinance, the company said in a regulatory filing (pdf). The company is now awaiting the necessary licenses from the Financial Regulatory Authority to begin operations.

Background: The rebrand to Aspire Capital came as Pioneers Holding split into three arms: A real estate investment arm called Pioneers Properties, manufacturing investments vehicle Gadwa Industrial Development, and the parent company now known as Aspire Capital, which retained its financial services arm. Aspire Capital is also set to launch a real estate finance company in the near future, company chairman Waleed Zaki told Al Mal last week.

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