Kuwait Finance House (Bahrain) (KFH-Bahrain) has announced plans to establish a $50 million investment bank in Jordan.
The Investment Bank will be a wholly owned subsidiary of KFH-Bahrain and will be called Kuwait Finance House (Jordan) (KFH-Jordan).
The announcement was made at a Press conference during the World Economic Forum (WEF) that took place in Amman, Jordan.
“We are very pleased about the establishment of Kuwait Finance House (Jordan) (KFH-Jordan),” said Kuwait Finance House chairman and managing director Bader Al Mukhaizeem.
“KFH-Jordan will be part of the global KFH network in Kuwait, Bahrain, Turkey, and Malaysia; giving the proposed Company a large network and access to financial resources that will serve the main purpose of investing in the Jordanian economy.'
KFH-Bahrain general manager Abdulhakeem Alkhayyat said:
'KFH-Bahrain is pleased to announce the plans of the establishment of Kuwait Finance House (Jordan) (KFH-Jordan).
“The project reflects our commitment to expand our investments and grow both regionally and globally.'
As a wholly owned subsidiary of KFH Bahrain, it will have access to large financial and specialised resources.
KFH-Jordan will be incorporated under the laws of Jordan and will perform activities such as Investment Banking, Investment Advisory, Acquisitions and Development of Investments, Investments in Private Equity Key Market Industries, General Key Player in the Jordanian Market.
KFH-Jordan shall contribute to the growing Foreign Direct Investments in Jordan, and the regional Economy in general. Recently Jordan has witnessed a major increase in foreign investments, mainly in the Manufacturing and Hotel & Lodging Industries.
KFH-Bahrain has entered in various and strategic investments in several countries, including Bahrain, New Zealand, Australia, Turkey, United Kingdom, Jordan, and the US.
The bank has also major real estate investments in Bahrain expected to reach $12 billion over the next 10 years.
KFH-Bahrain is a fully owned subsidiary of Kuwait Finance House(Kuwait) (KFH-Kuwait) which is the largest Islamic bank in the world and was established in the State of Kuwait in 1977.
KFH is listed in Kuwait Stock Exchange (KSE), with a market capitalisation of $11 billion as of December 31, 2006.
Assets total $22 billion and deposits amount to $13 billion, representing 25 per cent of the total deposits in the Kuwaiti market as per the balance sheet of 2006.
KFH-Kuwait provides a wide range of products and services, covering banking, real estate, trade finance, investment portfolios, and other products and services. TradeArabia News Service