May 18 2007 |
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IIB, IDB Affiliate in Deal to Form Ewaan Capital
RIYADH -- International Investment Bank (IIB) , a globally-focused investment bank based in Bahrain, in partnership with an affiliate of the Islamic Development Bank (IDB) , signed a shareholders' agreement with several strategic partners for the establishment of the new firm called Ewaan Capital."Ewaan Capital will be an asset management company with an authorized capital of SR50 million and come under the direct supervision of the Saudi Capital Markets Authority ," said a press statement released on this occasion. Its services will include, among others, capital markets activities, fund management, investment banking and advisory services.
The shareholder base of Ewaan Capital also includes the Saudi Company for Economic and Development (SEDCO) , Aseambankers Malaysia Berhad -- the investment bank of the Maybank Group -- and Ewaan International Housing Company. "The Saudi market is delivering an attractive rate of growth and presenting more opportunities for banks like IIB ," said IIB chief executive Aabed Al-Zeera.
"By partnering with such credible partners, IIB aims to strengthen its presence in the Saudi market to tap these opportunities and to increase its strategic investments in the financial sector," Al-Zeera said.
"We engaged with the same partners last year to establish Ewaan International Housing Company in Saudi Arabia to target the growing housing sector in the country," he said.
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 in Saudi Arabia for the low- and middle-income segments. IIB said it would soon be announcing additional investments in the Kingdom and in the financial sector.
"By making these selective investments, IIB is diversifying its portfolio to offer rewarding investment opportunities to its investors," said executive director of direct investment at IIB and director of Ewaan Capital Mohamed Hadi Mejai. "We are also in the process of studying other opportunities in the financial sector to increase IIB 's involvement in the market," said the IIB official.
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