Thursday, August 28, 2008

$10BN Ideas in Bahrain

Original Article

MANAMA: A $10 billion initiative is being launched out of Bahrain to boost investment in infrastructure, the hospitality industry and agriculture across the Middle East and beyond.The new investment vehicles - InfraCapital, AgriCapital and the Hospitality Development Fund - are being created by three of the largest investment banks in the GCC.

They are the product of a strategic alliance forged yesterday between Gulf Finance House, Ithmaar Bank, both based in Bahrain, and the Abu Dhabi Investment House.

The funds will focus on market-specific innovation across the Middle East, North Africa, South Asia and beyond.

InfraCapital will be the GCC's first investment bank specialising in the provision of tailored infrastructure development and finance.

It will have a share capital of $6bn with $1.5bn of that paid up by its launch.

AgriCapital will focus entirely on serving agricultural ventures and communities and will invest both locally and overseas to make the region a stronger player in this market, with share capital of $3bn with $1bn paid-up.

The Hospitality Development Fund will be a $1bn fund, launched with an initial closing of $300 million, to nurture and support opportunities across the global hospitality sector.

No comments: