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Bank plans $1bn Bahrain leisure project

Manama, February 18, 2008

Khaleeji Commercial Bank is looking to invest $1 billion in a leisure project in Bahrain, a top bank official said.

Speaking after the bank's annual general meeting yesterday, chairman Dr Fuad Al Omar said a major new project could be on the horizon.

He said that no site had been chosen for the development but that it was likely to be in the south of the country.

"The development would be a combination of an entertainment and resort project. The bank is now looking to list its shares on regional stock markets," he added.

At the meeting, shareholders approved the board's recommendation of a 15 per cent dividend on the back of strong results. They also elected a new board of directors for a three-year term, reflecting the new shareholding structure of the bank.

"We derive strength from the excellent support and trust of our shareholders," said Dr Al Omar.

He added that the 15 per cent dividend is the direct outcome of the bank's ability to create value for its customers and shareholders, and a sign of its operational revenues.

The bank also expects to widen and diversify its shareholder base by listing on regional stock exchanges.

The bank earned a net income of BD21 million ($59 million) last year, an increase of 164 per cent over the previous year, in addition to increasing its assets by 180 per cent to BD269 million. The return on average equity was 23.4pc for last year, following an increase in paid-up capital from BD30 million to BD100 million.

"We increased the paid-up capital and also secured several new shareholders as strategic partners, enhancing the bank's ability to pursue its strategy more aggressively."

The new board consists of Dr Al Omar, Esam Yousif Janahi, Abdul Latif Al Meer, Hesham Abdullatif Al Jaber, Talal Alghalib, Rashad Yusuf Janahi, Abdulrahman Al Shared, Abdulla Showaiter Abdullateef Moosa Al Abdul Razzaq and Ebrahim Hussain Ebrahim.-TradeArabia News Service




Tags: Bahrain | project | Bank | Leisure | Khaleeji |

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