Al Salam Bank-Bahrain signs strategic agreement with Saudi-based Al Mutawa Group

Notes and media contacts

Al Salam Bank-Bahrain (B.S.C.):

Incorporated on 19 January 2006 in the Kingdom of Bahrain with a paid-up capital of BD 120m ($318m), Al Salam Bank-Bahrain (B.S.C.) commenced commercial operations on 17 April 2006. The Bank operates under Islamic principles in accordance with regulatory requirements for Islamic banks set by the Central Bank of Bahrain.

The Bank's Initial Public Offering, comprising 35% of the paid-up capital, raised over BD2.7bn ($7bn) and was the largest IPO in the Kingdom's history. Al Salam Bank-Bahrain was listed on the Bahrain Stock Exchange on 27 April 2006, and subsequently on the Dubai Financial Market on 26 March 2008.

The Bank's high-caliber management team comprises highly qualified and internationally experienced professionals with proven investment expertise in key areas of banking, finance and related fields. Management and staff are supported by a world-class Information Technology (IT) infrastructure and the latest 'smart' working environment.

Al Salam Bank-Bahrain is committed to adopting internationally recognized standards and best practices and operates with the highest levels of integrity, transparency and trust.

The Bank is equally committed to its role as a concerned corporate citizen, actively seeking ways to contribute and add value to the social and economic well-being of the local communities in which it invests and operates.

The Bank reported a net profit of BD25.5m ($67.6m) for the year ended 31 December 2008, up from BD23.1m ($61.3m) reported in 2007. The Bank's total assets at 31 December 2008 reached BD554m ($1,470m) from BD398m ($1,056m) at 31 December 2007.

The Abdulla H. Al Mutawa Son's Group (AMSG)

From a core business of contracting, AMSG had grown into a prominent holdings company with diversified interests in Manufacturing, Trading, Construction, Restaurants & Catering, Sanitation, Trash removal & Pest control, Non destructive testing & Inspection and Information Technology.
The Company operates offices in Jeddah, Yanbu, Riyadh, Dhahran, Jubail, Abqaiq and Al-Hasa from a Corporate headquarter in Dammam.

After decades of extensive practice and involvement in the business, the name Abdulla H. Al Mutawa Son's Group (AMSG) has become synonymous to contracting.

Contracting is foremost to AMSG, a service offered since its inception in 1948. Its expertise in the field has grown through years old of solid experience, catering to the country's most reputable companies such as SAUDI ARAMCO, SABIC, SCECO.

The Group's capabilities extend to a full range of contracting services for various office, commercial, industrial & residential establishments. It is carefully implemented by workers with appropriate skills and matching expertise, complemented by up-to-the minute technology to get the job done way beyond the customers' expertise.

For further information, please contact:

Adnan Alshaikh
Senior Manger
Corporate Communications
Tel: +973 17560166
Fax: +973 17560003