Addax Bank launches $35m 'Middle Eastern Fine Art Fund'

Notes and media contacts

Addax Bank has an authorized capital of $100m and is regulated by the Central Bank of Bahrain (CBB). The Bank was formed in 2003 and has been involved in a number of high profile deals in the region.

Addax Bank's landmark deals include: participation with Dubai International Capital and other lead investors in creating JD Capital, a $300m (approximately) company targeting investment opportunities in Jordan. Addax Bank was also responsible for the structuring and placement of the $150m deal to finance 20 Express by Holiday Inn hotels across five countries in the GCC.


Additionally, Addax Bank has launched a $1bn investment fund, the MENA Serviced Residence Fund, in collaboration with The Ascott Group of Singapore, to acquire and manage a chain of serviced residences throughout the Middle East and North Africa. The first phase of capital fund raising towards the $1bn MENA Serviced Residence Fund was successfully completed earlier this year; the private placement was well received by investors and was oversubscribed by 150% within record time.

In September 2006 Addax Bank formed its first subsidiary, Addax Media BSC. Addax Media, wholly owned by Addax Bank is a holding company that focuses on acquiring innovative, high-quality media productions ranging from full length movies to television serials. Addax Media's first production "Khalid Bin Waleed" was aired on MBC and Dubai Television.

In late 2006, Addax Bank, launched First Education Holdings (FEH), a holding company based in the Kingdom of Bahrain, established in partnership with a team of education and private equity professionals to invest and manage education and education related businesses across the GCC, Middle East and North Africa.

In partnership with the Ascott Group, Addax Bank established Nuzul Holdings in Bahrain. With an authorized capital of $500m and a paid up capital of $100m, the company plans to launch 15 additional projects by 2010 and acquire 50 more properties over the next 10 years.

Addax Bank is also the anchor investor in the Saraya Real Estate MENA Fund, launched by Saraya Holdings Limited and Arab Bank Group, the fund is a $250m close-end Bahraini fund which was considered as one of the largest funds in the Arab Capital markets in 2006. The funds projects include: Saraya Islands in Ras Al Khaimah, Saraya Dead Sea in Jordan, and Saraya Bandar Jissah in Oman.

Along with a group of regional investors, Addax Bank set up Tatweer Infrastructure Company. A $130m Qatar based company specializing in Build-Operator-Transfer (BOT) and Private-Public-Partnership - the only company of its kind in Qatar.

In 2007, Addax Bank structured and placed a Dhs1bn transaction to establish Siraj Finance in Abu Dhabi. The company offers a comprehensive range of Sharia-compliant products and services including Islamic consumer and mortgage finance, investments and asset management.

In corporation with leading merchant families in the UAE, Addax Bank was the lead investor in establishing Al Bashayer, a wealth management company in Abu Dhabi, whose primary focus is to provide specialized services for high net worth female clients.
Also in 2007, the Bank successfully closed a SR 200m private placement, to fund the establishment of Addax Capital in Saudi Arabia. Capitalizing on the potential for investment banking in Saudi Arabia, the company will focus on brokerage, asset management and advisory services. The establishment of Addax Capital underlines Addax Bank's strategy to expand into major regional markets.

Addax is fast gaining a reputation for launching innovative and unique deals in the Middle East region.

For more information, please contact:
Bushra Al Khour
Administration Executive
Action Bahrain
P.O Box 21806
Manama, Kingdom of Bahrain
T +973 17 234553
F +973 17 234557