Bahrain's Al-Ahli Commercial Bank has set up a 50:50 joint venture with Brisbane-based Infrastructure Project Group (IPG) that will provide financial consultancy services in the Middle East. The Bahrain-based venture,Al-Ahli Infrastructure Group, will target privatisation programmes and large private sector firms considering public offerings.

'The new venture has a low cost base and high income potential,' says Michael Fuller, chief executive of Al-Ahli Commercial Bank. 'Privatisation of public enterprises will increase in the long term and there is an opportunity for project finance.' The new company will be managed by IPG whileAl-Ahli will provide financial and marketing support.

'There are some projects under active consideration,' says Fuller. The range of services to be provided by the new company will also include investment banking, takeovers, structured finance, leveraged leasing and generalcorporate advisory.