Investment Banking

Tunisia: realization of Tunis Financial Harbour starts

Governor of Ariana, Mehdi Zaoui announced the start of work on the construction of the Tunis Financial Harbour. Zaoui said they finished the dispute regarding the expropriation for public use under habitat. The Tunis Financial Harbour, considered as a mega project developed by the Gulf Finance House in the northern suburbs near Raoued, extends over 523 hectares with a total investment of USD 5 billion.

'Greater Paris' woos Qatari investors

Paris is wooing potential Qatari investors to be the part of a huge infrastructure development project, 'Greater Paris', to which the government of France has already committed €50bn. Chiara Corazzara, Managing Director of the Greater Paris Investment Agency said the state-sponsored investment in infrastructures is designed to trigger €80bn private investment and the response that they get from Qatari investors is really encouraging.

Bahrain's Arcapita acquires $100m logistics park in Dubai

Global investment management firm Arcapita has acquired a logistics park in Dubai for a total transaction value of approximately $100 million.The investment comprises nine freehold plots of land in the Al Quoz Industrial area covering an area of approximately 630,000 square feet, located next to Al Khail Road. The site will consist of 10 completed warehousing facilities that will be under a long term master lease with a UAE conglomerate. Martin Tan, Arcapita’s chief investment officer, expects Dubai’s logistics market to experience growth, driven by its geographical location and legislation.

QInvest reports record year, recommends doubling dividends

Qatar’s QInvest has announced another year of robust growth recording its highest revenue since inception of QR393m ($108m) and net profit of QR154m ($42m). QInvest generated consistent performance throughout 2015 despite challenging global economic conditions and regional volatility, culminating in an increase in both revenues and net profit of 32 percent and 76 percent respectively. The bank recommends doubling the dividend to shareholders for financial year 2015. The team is involved in a number of buy-side and sell-side mandates across multiple industries and geographies for both family offices and institutional investors. In the real estate sector, the business is at various stages of execution and completion on income generating transactions in London, elsewhere in Western Europe and in the USA.

KFH major contributor in Bahrain projects – Strategy targets development, coordination among Group banks: Al-Nafisi

Vice Chairman at Kuwait Finance House (KFH), Abdulaziz Yaqoub Al-Nafisi stressed the importance of international investment and creating further integration in KFH-Group banks in the framework of the coordination that targets boosting development according to a unified vision that prioritizes development and recognizes the value of public-private partnerships and international investment, yet contributes in diversifying non-oil sectors to boost the economy. On the sideline of his participation in the inauguration ceremony of Marassi Al Bahrain project, Al-Nafisi praised the project that was a joint effort between the real estate investment and development company, Eagle Hills, in partnership with Diyar Al Muharraq. He went on to say that the project will provide steady flow of income for investors and will comprise a major destination for tourists in Bahrain.

IIRA reaffirms Fiduciary Ratings of Bank AlJazira: Jan 2016

Islamic International Rating Agency (IIRA) has reaffirmed the ratings of Bank AlJazira (‘BAJ’) on the international scale at ‘A-/A2’ (SingleA Minus/A Two) and at ‘A+(sa)/A1(sa)’ (Single A Plus/A One) on the national scale. Outlook on the assigned ratings is ‘Stable’. The fiduciary score has also been reassessed in the range of ’71-75’, reflecting adequate fiduciary standards wherein rights of various stakeholders are adequately protected. The consistent growth in business volumes at BAJ, facilitated by expansion in branch network has been noted. The bank’s low net impairment ratio and sufficient liquidity held, lends support to the assigned ratings. Although financing counterparty concentration remains higher than desired levels, an improving trend has been noted. Capitalisation is adequate and above the regulatory minimum.

Franklin Templeton to set up syariah funds in KL

The world's second-largest asset manager by market value plans to attract some of the US$376 billion (S$528 billion) parked in Malaysian bank deposits by setting up global Islamic stock and bond funds next year.
Franklin Templeton Investments, which has more than US$801 billion in assets, will seek approval from the regulator to start at least two syariah-compliant funds to serve as offshoots from the three it has in Luxembourg, country head Sandeep Singh said in an interview in the Malaysian capital last week.
That would complement similar investment options available from CIMB- Principal Asset Management and RHB Islamic International Asset Management.
The new funds will widen choices for Malaysians looking to diversify after this year's 17 % plunge in the ringgit and a political scandal hurt confidence. A looming US interest rate increase has already prompted global investors to offload twice as many stocks in the South-east Asian nation as they did for all of last year as well as to cut bond holdings.

Borsa Istanbul's Islamic investment success story

The Borsa Istanbul Private Market, a year-old platform for bringing companies and investors together, is a leading example of Islamic finance, the exchange’s CEO Tuncay Dinc has said.
Speaking at the G20 forum on Islamic finance on Wednesday, Dinc said: “The Islamic finance approach to risk- and profit-sharing makes it an important resource for investors who seek the greater security that this kind of finance affords.”
Islamic finance, which does not involve charging or paying interest, uses a model in which trade is backed by real assets and money is merely a medium of exchange rather than a commodity to be traded.
Under this system, the funds invested are used on a profit-and-loss sharing basis under models known as musharakah – a joint enterprise where risk and rewards are shared rather than interest paid on a loan – and mudarabah, where one party supplies funding and an agent manages a specific trade.

Qatar invests $5.24 billion in global real estate market

Global real estate consultancy firm CBRE says that both Qatar and the United Arab Emirates have pumped $5.24 billion and $4.54bn respectively as foreign direct investment in global real estate.
CBRE’s latest report shows that the global real estate markets attracted investments worth more than $407bn during the first half of 2015, the highest since 2007. This represents an increase of 14 per cent from the same period of the year’s performance in 2014.
Although the pace of growth has accelerated over the past years, the rate of growth slowed in the first half of 2015 and a great variation can be observed in growth at the regional and international levels, reports Qatar-based Al-Sharq.
Despite the fall in oil prices, the buyers from the Middle East have maintained their high investment activity and, overall, pumped $11.5bn into foreign markets during the first half of 2015.
Nick Maclean, managing director, CBRE Middle East says: “Data from H1 2015 shows a continuing acceleration in the flow of capital out of the Middle East region by private offices and high-net-worth-individuals.”

As Syria refugee aid falters, new approach considered: Massive investment in Mideast hosts

Bold new ideas for helping Syrian refugees and their overburdened Middle Eastern host countries are gaining traction among international donors, shocked into action by this year's migration of hundreds of thousands of desperate Syrians to Europe.
Rather than struggling to gather humanitarian aid for refugees, the plans center around investing billions of dollars, much of it to be raised on financial markets. The money would go for development in countries such as Jordan and Lebanon to improve lives for both their own populations and refugees.
More controversial is a demand by some in the aid community that, in return for such a "Mideast Marshall Plan," Jordan and Lebanon must allow Syrian refugees to work, integrating them more into society. The host countries, however, point to high domestic unemployment in arguing they cannot put large numbers of refugees to work legally.
"We need to be ambitious," the regional chief of the World Bank, Ferid Belhaj, told The Associated Press. "Development is the key."

International Investment Bank Appoints Subhi F. Benkhadra as the New CEO

Bahrain based International Investment Bank announces the appointment of Mr. Subhi F. Benkhadra as the new Chief Executive Officer. Mr. Benkhadra, previously the Chief Executive Officer of Abu Dhabi based Baniyas Investment & Development Company, replaces Mr. Fareed Bader, the acting Chief Executive Officer who continues in the role of Executive Committee Member at the bank. Mr. Benkhadra graduated from the University of Bath in 1987 with a BSc in Environmental Engineering and holds a MBA in Finance from City University Business School. He is also a former member of the Board of Directors of the Arab Bankers' Association in London.

Ibdar Bank appoints new CFO Janaka Mendis further strengthening management team

Bahrain-based Ibdar Bank has announced the appointment of Mr. Janaka Mendis as Chief Financial Officer (CFO) of the Bank. Mr. Mendis shall provide leadership in attaining the established financial goals of the Bank through managing and operating all financial-related functions. He oversees the Bank's finance, financial strategy, and operational activities, ensuring that Ibdar is well positioned, both financially and strategically, to achieve its transformation agenda. Prior to joining Ibdar, Mr. Mendismost recently spent seven years at Al Salam Bank Bahrain. For four of these years, he served as the institution's Chief Operating Officer after holding other executive roles.

Kuwait Finance House plans to sell stake in Nafais Holding

Kuwait Finance House plans to shed its stake in education investment company Nafais Holding. KFH is currently restructuring its activities, which could also include a sale of assets such as its Malaysian business. This is ahead of planned divestments by its largest shareholder, the Kuwait Investment Authority. The Islamic bank is the second-largest shareholder in Nafais with a 19.01 percent stake. Nafais, involved in education, healthcare, financing and investment, has a market capitalisation of around $206 million, which would value the bank's stake at close to $40 million. The Islamic bank only acquired the Nafais stake in March 2014 from Aref Group Company.

GFH becomes GFH Financial Group BSC

GFH has announced to its shareholders and the markets that, in line with its extraordinary general meeting’s approval obtained on April 12, it has completed the formalities with the relevant authorities for changing its commercial name. Accordingly, the name has officially been changed from Gulf Finance House to ‘GFH Financial Group BSC’ starting on July 30th. The Islamic investment bank is based in Bahrain and was listed on the London Stock Exchange in 2007. The company also holds a 25 per cent stake in Leeds United, a Football League Championship club through its wholly owned subsidiary, the Dubai-based GFH Capital.

Warba Bank invests in US residential real estate

Warba Bank is one of the initial investors in a US-focused real estate strategy managed by the Wafra Investment Advisory Group, Inc. Warba Bank has announced that the has acquired the commercial office building “The Nathaniel” in New York. Warba Bank’s co-investors include German insurance companies and pension funds. “The Nathaniel” is the first transaction by the fund. The building was completed in September 2014 and is a Class A+ nine story building consisting of 85 residential units with luxurious amenities and 18,000 square feet of retail space. It is fully occupied and located in upmarket area of East Village Manhattan, New York.

Gulf Finance House to sell unit via public offering, plans acquisition

Gulf Finance House (GFH) is planning to make an acquisition this year and sell a unit in an initial public offering. The expected moves are part of efforts to reshape GFH, which was hit hard by the 2008-2009 global financial crisis. Currently the Bahrain-based Islamic investment bank has four units: investment banking, commercial banking, real estate and industry. GFH’s first quarter net profit rose 140 per cent to US$6 million from $2.5m a year earlier. GFH, which is talking to one firm in Bahrain and two in Dubai, is banking on closing this year with at least one leveraged acquisition valued at about $200m. The firm is seeking to finance the acquisition through 30 to 40 per cent equity and the remainder in debt.

Kuwait’s Investment Dar loses appeal against lifting of legal protection

Kuwait’s Investment Dar said on Sunday that a Kuwaiti court had rejected the company’s appeal against a ruling to lift protection it had against legal action by creditors. The company, which holds a stake in luxury carmaker Aston Martin, will be reviewing available options with its advisers over the next few days and would announce the result of these conversations in the coming period, it said in a statement. Investment Dar was one of the first to reorganise under Kuwait’s Financial Stability Law. A court ruling in July last year ruled that legal protection from creditors would be lifted, although it was temporarily reinstated in October to allow Investment Dar to appeal. However, a hearing by the Kuwaiti Court of Cassation on June 17 rejected the appeal, the statement said. The court’s decision was final, Investment Dar added.

MOVES-Kuwait's The Securities House CEO to depart, replaced by Gatehouse chairman

The chief executive of Kuwait's The Securities House, Ayman Boodai, said he was stepping down from his position at the sharia-compliant investment firm and would be replaced by Fahed Boodai, the current chairman of U.K.-based Islamic lender Gatehouse Bank. Legal steps to allow the change have begun, with a new board of directors needed to be elected before a new chief executive can be nominated. The Securities House is one of two big shareholders in Gatehouse Bank, with the other being Kuwait Investment Authority, the country's sovereign wealth fund. Separately, Ayman Boodai said Gatehouse Bank plans to open a number of branches or representative offices in Gulf countries without offering details.

MOVES-Gatehouse promotes Will Innes as vice president

London-based investment bank Gatehouse Bank Plc said on Monday it promoted Will Innes as vice president within its real estate investment team. He will work with Will Lowndes, vice president of real estate investment, and will be responsible for sourcing and originating real estate transactions across UK and continental Europe, Gatehouse said. Innes, who joined Gatehouse in January 2014, previously worked at Waypoint Capital where he was responsible for developing international private equity real estate platform.

Seera Invests in UK Dementia Care Housing Development

Bahrain-based Seera Investment Bank B.S.C. has announced the successful completion of a new transaction in the UK Dementia Care sector. The transaction comprises a Shari'a compliant equity investment in a dementia care focused housing development in London, United Kingdom. The development, the first of its kind, when completed will provide circa 115 housing units providing specialized care to dementia sufferers. The project will be developed over a 3 to 4 year period. The units are expected to be sold over the development period with distribution of substantially all the originally invested capital in the 4th year of investment together with a part of the profits. Upon completion of the development the project will then be held to benefit from the ongoing care revenues.

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