CBB licence for Abu Dhabi Investment House

The UAE-based financial institution offers a broad range of investment opportunities including wealth management, private equity investments, fund management and real estate investments.

ADIH will initially open a Representative Office in Bahrain, with plans to upgrade to a full branch operation in 2008.

"We are delighted to welcome Abu Dhabi Investment House to Bahrain," said Mr. Ahmed Abdul Aziz Al Bassam, Director, Licensing & Policy, at the CBB.

The environment for wealth management services is particularly positive, due to the economic expansion taking place in the region, he pointed out. Regionally-based entities, such as ADIH, are well-positioned to source and profit from the many investment opportunities being created.

"Bahrain, with its track record as a financial centre of repute, is at the very centre of the region's distribution network for banking and financial products," said Mr. Al Bassam.

Commenting on the license granted by the CBB, Mr. Rashad Janahi, Chief Executive Officer of ADIH said: "ADIH is delighted and honored to have a Representative Office in Bahrain which has grown to be the financial hub of the region, and we are certain that the new office will add value to the institution."

Mr. Janahi also praised the role of the CBB in regulating the financial sector in Bahrain.

"Our expansion strategy had Bahrain as one of the first targets, due to the excellent reputation the country enjoys in providing investment institutions with the services they need in order to operate smoothly and professionally,"

he said. In terms of level of quality and sophistication of procedures, the ADIH has seen no difference between Bahrain and Geneva, where ADIH already has a representative office.

ADIH Bahrain will be located in the iconic Bahrain Financial Harbour in the heart of Manama.

Established in September 2005 with a capital of US$54 million, ADIH is a leading financial institution whose shareholders are prominent businessmen, leading institutions, and investors from the UAE and Gulf region.