Thursday, Feb 01, 2007
BEIRUT (Zawya Dow Jones)--Kuwait-based Investors Group, holding company for several Kuwaiti firms like Ajal Holding and Grand Real Estate Company, said Thursday that it will set up a $100 million Shariah-compliant investment bank in Lebanon with the Lebanese Hayek Group.
"We have received a preliminary agreement from the Central Bank of Lebanon to open an Islamic investment bank that is in Lebanon," Aref Itani, a corporate consultant at IG, told Zawya Dow Jones.
Hayek Chairman Abdallah Hayek told Zawya Dow Jones that his company will develop a tower in Beirut's Central District to house the headquarters of the new Jousour Bank.
Hayek, an engineering and real estate developer, will design and develop the tower that will cost around $100 million.
The tower will be built in agreement with Kuwaiti IG and Kuwait-based ASAS International Real Estate Developments. Construction is due to begin later this year.
"We are currently negotiating with The Lebanese Company for the Development & Reconstruction of Beirut Central District to acquire a 7,300 square meters of land to develop the tower," Hayek said.
The total built-up area of the tower will be 45,000 square meters and it will be 52 meters high, Hayek said.
Established in 1951, Hayek Group focuses on engineering studies and consultancy, general contracting, financing, facility management, marketing and feasibility studies.
Kuwait-based ASAS has been providing residential, commercial, and investment real estate services since 2003 in several countries such as Lebanon, the U.A.E., Bahrain, Qatar, Egypt, Bulgaria Australia and England.
Kuwait-based IG is the holding company for several Kuwaiti listed firms that provides financial and investment services according to Islamic principle (Shariah), including underwriting, portfolio management and fund management.
-By Nadim Issa, Zawya Dow Jones, +961 1 985757, nadim@zawya.com
Copyright (c) 2007 ABQ Zawya Ltd.
(END) Dow Jones Newswires
01-02-07 1259GMT
