Manama, Bahrain - Wednesday June 5th, 2013

International Investment Bank (IIB), a globally focused investment bank based in the Kingdom of Bahrain operating in line with Shari'ah principles, is pleased to announce the second consecutive dividend distribution to its investors in IIB KSA Investments BSC (IIB KSA).

IIB KSA owns an equity stake in Ewaan Global Residential Company - EGRC, a leading real estate development company in the Kingdom of Saudi Arabia. EGRC was established through a strategic partnership with some of the strongest financial and development institutions in the region and is collectively owned by the Islamic Corporation for Private Sector Development (the investment arm of the Islamic Development Bank - IDB), Al Numu Real Estate Company (a subsidiary of SEDCO), The Saudi Public Pension Agency, IIB KSA, and other leading organisations. 

EGRC core activity is the development of high quality and affordable residential communities in the region, mainly targeting the middle income sector. Ewan Global Residential Company - EGRC, is the main developer of the Al Fareeda Project, strategically located in the north of Jeddah. The project is being built on 1.1 million square meters of land. The Al Fareeda Project will consist of more than 1,750 residential villas of various sizes, commercial spaces and service amenities such as schools, a sport centre, mosques, recreation areas and shopping complexes.

EGRC is also currently developing its second residential community - Al Miyar Project, adjacent to Al Fareeda and will consist of apartments for sale. Furthermore, a new project is under consideration in Jubail, Eastern Province of Saudi Arabia, to develop a 100 villa residential compound.

EGRC is well positioned within the Saudi market as it enjoys a strong cash position, thus allowing it to invest its own resources into development, diversification and growth of its business in Saudi Arabia. EGRC achieved a net income of SR 27.2 million for the financial year ended 31 December 2012 and its Board of Directors have recommended a dividend distribution to the shareholders, which was approved during the AGM held in March 2013.

Commenting on the announcement Mr. Aabed Al-Zeera, IIB CEO and Board Member said: "We are pleased to announce the second consecutive dividend distribution to IIB KSA investors after strong performance of EGRC in 2012.  With robust support from the government, the Saudi residential real estate market in recent years has become one of the most attractive avenues for investing in the middle-income property sector.  At IIB, our key consideration in investment decisions is the potential for sustainable value growth and as one of the regional market leaders, IIB strongly believes in partnering with companies that share our vision and one such investment is EGRC."

IIB maintains a diverse portfolio of global investments covering the geographies of France, Germany, UAE, Bahrain, Saudi Arabia, Tunisia, Azerbaijan, Bosnia and Herzegovina and the UK, across various sectors including manufacturing, automotive, real estate, banking and retail. The Bank undertakes two core business activities - private equity and real estate - and aims to offer its clients an internationally diversified range of investments generated through its network of strategic partnerships, which it intensively manages on behalf of investors in order to maximise the yields at the time of exit. IIB has been involved in investments worth US$3.0 billion since its inception.

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About International Investment Bank
International Investment Bank B.S.C. (c) (IIB) was incorporated in Bahrain in October 2003 as an Islamic investment bank, with an authorized capital of US$ 200 million and a paid up capital of US$ 43 million. In December 2007, IIB concluded a combined rights issue and private placement offering that has increased the issued share capital to US$ 110 million. Total consolidated shareholders' equity at 31 December 2012 stood at US$ 161.9 million. The Bank's shareholders are high net worth individuals, business houses and institutions from the GCC states.

Alfareeda Project: The Project is being developed on land of about 1.1 million square meters located in the Dhahban area of Jeddah. Once commissioned in three years from now, the Al Fareeda City will comprise more than 1,750 residential villas spread over 4 Zones, commercial areas and service amenities such as schools, a sports centre, mosques, recreation areas and shopping complexes.

The sales of residential units commenced in 2012 and Zone 1 & 2 of the project is considered sold out. Zone 3 of the project was launched at the recent Cityscape exhibition in Jeddah and is receiving an extremely positive response. Current sales of Zone 3 are at 50%. Handover of Zone 1 and Zone 2 are expected in Q3 and Q4 of this year.

For more information on IIB, please visit: www.iib-bahrain.com
Media Contact:
Maheen Ali
Media Manager
H+K Strategies
Tel: (+973) 1753 3532
Fax: (+973) 1753 3370

© Press Release 2013