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Bank of Kuwait and Middle East (BKME) unveils new fund

KUWAIT : Bank of Kuwait and Middle East (BKME) has launched 'AlAwsat Financial Investment Fund' with a variable capital between KD 5 and KD 200 million to invest in high-quality securities such as bonds, treasury bills, government bonds, commercial fixed deposits, commercial paper, and certificates of deposit, including the repurchase agreements and monetary tools funds. The term of the Fund is about 15 years, subject to renewal every 5 years. The nominal value of the Fund's units is KD 1 a minimum 5000 units, with the possibility of additional subscription by the complications of 1000 units.
Kuwait International Bank ( KIB ) announced it will organize the sale of a real estate belonging to one of the bank's clients in an auction, in implementation of the provision in the two sues No. 45, 46 / 2005 filed by KIB against its client, with the subject of selling the client's real estate for KIB under the two facilities contracts 3030 and 3031/ 3.
Kuwait Financing and Investment Co. ( KFIC ) is currently recovering the funds for investors who subscribed in the second economic city project in Ha'il in Saudi Arabia, after the project was canceled.
The extraordinary general assembly of Capital Real Estate Co. (affiliated to Salhiya Real Estate Company (SRE) by 50 percent) has approved to delegate the Capital's Board of Directors to sell the land of the Capital's project according to the terms formulated and agreed upon with SRE, this delegation applies till achieving its purpose, the Capital's Board of Directors has the right to refrain from selling if any sign of the government approval on the project appears.
SRE announced that there were no current negotiations to sell land, but merely just delegating the Capital's Board of Directors to give flexibility and the power to the Board of Directors to take the appropriate actions to safeguard the rights of shareholders.
Aayan Real Eatate Co. announced that the company's board of directors will meet later to approve the rules of the capital increase shares for a new shareholders as follows:-
n 40 percent for the shareholders of Aayan Leasing and Investment Co .
n 25 percent for Aayan Leasing and Investment Co .
n 10 percent AlMuthanna Investment Co Ñ the client account.
As well as the entitlement date of this increase, the shareholders of Aayan Leasing and Investment Co . still have the right in subscription until the date determined later by the BOD.
Al-Ahleia Holding Co. (AINV) has declared in regard with the deal of selling 49 percent of Ahlia Real Estate Projects Co through the Liquidity Management Center (LMC) in Bahrain, by launching it got LMC 's clients at the level of the Gulf, but LMC faces some difficulties launching and marketing the deal, as they launch it in the form of Islamic Sukuk, because of the current bad situation of the Islamic sukuk market in the region, the shrinking liquidity in the sector, and that there is no likelihood of the possibility of full coverage of the deal by the end of 2007.
AINV has declared that it has received informal oral offers from investment groups to obtain a certain percentage of Al-Ahleia Real Estate Projects Co , and these offers are subject to the study.
One of National Real Estate Co (NRE) subsidiaries based in Jordan is preparing to start the development of a project covers an area of 534 thousand square meters north of AlAqaba city in Jordan next June. It is currently seeking to select a global consulting firm to prepare the project study and structural plan, after finishing the first phase of a project in south AlAqaba of its area of 1.5 million square meters.
The Executive Chairman of International Leasing and Investment Co ( ILIC ) announced that the company is considering a new real estate projects in the eastern region, Makkah, and Madinah, where will establish an integrated commercial complex meets all the needs of the region, the company expects to achieve good returns on capital.

© Arab Times 2007

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