Capinnova to pump $50m into Bahrain mall
Manama, June 27, 2009
Capinnova Investment Bank, the Shari’a compliant investment banking subsidiary of BBK, has announced plans to co-invest in a project valued at $50 million in the retail sector in Bahrain.
Construction of this massive commercial project has already begun and scheduled completion date is expected to be the second half of the year 2010.
The Capinnova investment is linked to the development of the largest commercial mall in Bahrain’s Muharraq area which will be operated by one of the most successful GCC retailers.
Jamal Hijres; Capinnova’s chief executive officer said: 'It is a historic moment for us at Capinnova Investment Bank as we have stepped into the country’s vibrant retail sector to develop this state-of-the-art retail mall in the Kingdom.'
'This growth capital financing transaction is a testimony of the Bank’s confident approach in supporting successful business initiatives. We are content with supporting our prominent clients with innovative Shari’a compliant instruments that ensure a win-win position for all parties involved,' Hijres pointed out.
“We also feel that ventures such as this will also increase demand for skilled Bahraini manpower in this particular sector. Moreover these large commercial establishments will play a significant role in boosting the country’s economic growth under these challenging market conditions,” he added.
Yasser Abbady, senior director, Head of Corporate Finance, Capinnova Investment Bank, said the retail sector in Bahrain had proved to be resilient in the face of external global factors.
'In tandem Capinnova continues to target opportunities in other sectors such as telecommunication, utilities, industrial, services, and financial institutions to support raising growth funds or integration through mergers and acquisitions.'
“Capinnova’s vision is to be a world class Islamic investment bank offering a range of high quality products and services to a diverse clientele, Hijres noted.
'The Bank aims is to become the Islamic investment bank of choice and a niche player, providing clients in the GCC and Mena region with superior investment products. These products are aimed at building and sustaining shareholder value whilst maintaining an optimal balance between risks and returns,' he added.-TradeArabia News Service