Venture Capital Bank half year profits surge to $31.4m

The 2008 half year net income is close to almost the total net profits of last year (2007) of $32.3m, which reflects the steady growth of the Bank's activities and the effectiveness of the directions and plans of the Bank's Board of Directors and Executive Management.

On this occasion, Dr. Ghassan Ahmed Al Sulaiman, Chairman of VCBank said:

'VCBank was able to achieve impressive results for the first half of this year, and these results affirms that Venture Capital Bank is moving towards achieving strong growth for the third consecutive year since its inception.'

'We have also sought since the Bank's inception to build a solid foundation to the venture capital concept in the Middle East and North Africa (MENA) region. The Bank's success reflects the market demand for such investments and the possibility of its contribution to the region's economy through untapped sectors,' added Dr. Al Sulaiman.

From his side, Mr. Abdullatif Mohammed Janahi, Venture Capital Bank Board Member and Chief Executive Officer said:

'The success of the Bank's superior returns on its investment projects enabled VCBank to achieve the best results over the last six months. Venture Capital Bank completed many deals, for example, VCBank and Jordan Phosphate Mines Company (JPMC) launched the expansion project of Jordan Al Abyad Fertilizers and Chemicals Company (JAFCCO) in 2008. The total cost of the project is estimated to be around $90m, in partnership with Jordan Phosphate Mines Company and other strategic Jordanian partners, whereby Venture Capital Bank represents the largest investor in the Company. The Bank also completed the private placement offering for $120m in Lemissoler Maritime Company in Bahrain, and established the first Bahrain-dedicated venture capital fund - Venture Capital Fund Bahrain at a size of $15m. This Fund will scout for unique and innovative venture capital opportunities in the Kingdom of Bahrain in different sectors backed by committed entrepreneurs and dedicated management teams. In addition to the Bank undertook a number of real estate projects in the GCC.'

'Our gratitude goes to the Bank's Board of Directors for their continued support and encouragement to the Executive Management. With their support and guidance, and the trust and confidence of our investors that we cherish, the Bank was able to continue on its growth track and achieve great results for the first half of this year,' added Mr. Janahi.