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Three Gulf banks plan joint venture
- Bahrain: Thursday, August 28 - 2008 at 07:23
Three Gulf Arab banks are teaming up to finance infrastructure projects, an agriculture firm and a hospitality fund, reported Reuters. The consortium aims to set up three new Islamic financial institutions with total starting capital of $2.8bn and authorisation to raise up to $10 billion to invest in roads, sewage treatment, farms, schools and the hospitality industry. Project leader Gulf Finance House said it would launch a specialised investment bank called InfraCapital. Bahrain's Ithmaar Bank and Abu Dhabi Investment House are equal shareholders in the venture, which will seek to raise $1.5bn in equity capital through private placements with institutions and affluent people.
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Jeff Florian, Senior ReporterThursday, August 28 - 2008 at 07:23 UAE local time (GMT+4)
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