May 15 2007 |
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IIB to launch an asset management company in Saudi Arabia
International Investment Bank , a globally focused investment bank based in Bahrain, has today announced, in partnership with Islamic Corporation for the Development of the Private Sector (ICD) , an affiliate of the Islamic Development Bank Group , the signing of a shareholders agreement with several strategic partners for the establishment of Ewaan Capital in Saudi Arabia.
The shareholder base of Ewaan Capital also includes the Saudi Company for Economic & Development (SEDCO) , a Saudi based investment group, Aseambankers Malaysia Berhad, the investment bank of the Maybank group and Ewaan International Housing Company.
Ewaan Capital will be an asset management company with an authorized capital of 50 million Saudi Riyal and shall come under the direct supervision of the Saudi Capital Markets Authority . Its services will include, amongst others: capital markets activities; fund management; investment banking and advisory services.
The first company to benefit from the services of Ewaan Capital once it has been established will be Ewaan International Housing Company, where Ewaan capital will be mandated to raise funds to construct housing complexes in various areas within Saudi Arabia to cater for the low and middle income segments.
-Ends-
About International Investment Bank
International Investment Bank
B.S.C. (
IIB
) was incorporated in Bahrain in October 2003 as an Islamic investment bank, with an authorised capital of US$200 million and a paid up capital of US$43 million. Its shareholders are high net worth individuals, business houses and institutions from the GCC states. The Bank undertakes three core business activities - private equity, real estate and asset management - and aims to offer its clients an internationally diversified range of investments generated through its network of strategic partnerships.
Media Contact:
Financial Dynamics
Tel: 17 537 072
Fax: 17 534 620
© Press Release 2007
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