Bahrain: Investcorp to set up investment firm |
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The Central Bank of Bahrain (CBB)Central Bank of Bahrain (CBB)
has granted a licence to Bahrain-based international investment bank, Investcorp BankInvestcorp Bank, to establish Investcorp Gulf Investments.The new firm has been granted an Investment Firm - Category 2 licence from the CBBCBB
. It is being established to manage InvestcorpInvestcorp's Gulf-focused funds, such as Gulf Opportunity Fund I and its Shariah-compliant version.InvestcorpInvestcorp
, established in 1982, is a leading Arab bank, specialising in private equity, hedge funds, real estate investment and technology investment. A more recent line of business is Gulf Growth Capital, which aims to invest in greenfield projects or buyout opportunities in medium sized companies in the Gulf region. Client assets under management by InvestcorpInvestcorp exceed $13 billion, while the bank's total assets stand at over $4.3 billion. Besides its headquarters in Bahrain, InvestcorpInvestcorp has well-established operations in London and New York.Gulf Opportunity Fund I is the private equity fund of InvestcorpInvestcorp
's Gulf Growth Capital line of business. The fund, which is incorporated in Bahrain, will invest in private equity opportunities."The CBBCBB
welcomes and supports the growth and expansion of Bahrain-based financial institutions," said Ahmed Abdul Aziz Al Bassam, Director, Licensing and Policy, at the CBBCBB.The unprecedented economic expansion currently underway in the GCC region continues to create tremendous investment opportunities for Arab investors who are becoming increasingly keen to diversify their investment portfolios to include homegrown investment opportunities as well as in other emerging markets.
"The entry of internationally-focused investment institutions, such as InvestcorpInvestcorp
, to the regional investment market is a demonstration of the strength of the region's economic fundamentals as well as the vastly improved investment environment," said Al Bassam. The progressive regulatory environment in Bahrain provides an ideal base from which international and regional financial institutions can tap the investment opportunities throughout the Gulf and broader Middle East region, he noted.
CBBCBB
's recently-updated regulatory framework for Collective Investment Undertakings (CIUs) provides for the full range of investment funds, from the lower risk funds aimed at retail investors to the higher risk alternative investment vehicles aimed at high net worth individuals and institutional investors. Bahrain's fund industry, at September-end 2007, comprised nearly 2,400 funds. Of these, locally-incorporated funds totaled 113, of which Islamic funds total 86.Azmat Taufique, Gulf Growth Capital's Co-Head, stressed the importance of the registration of the Fund in Bahrain, saying: "The Fund's registration in Bahrain represents our total confidence in the Kingdom of Bahrain's financial regulations and mirrors InvestcorpInvestcorp
's belief in the importance of investing in the region". "We are delighted that we have just registered the Gulf Opportunity Fund I in Bahrain under the Central Bank's new Collective Investment Undertakings Rules, which comprehensively regulate Funds in Bahrain, and it was terrific to work with the Central Bank to register the Fund."
"This registration establishes a base for the Fund to quickly establish itself as a leading participant in the evolving investment opportunities within the GCC region," he added.
© Bahrain Tribune 2007
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