Gulf Finance House launches Islamic investment institution in 2008
Bahrain’s First Energy Bank, launched in February 2008, generated $5.6m of net profits in the first six months of 2009.
The bank said its gross income of $16.6m was made up of $9.4m from treasury transactions, $5.8m from advisory services and $1.4m on sukuk investments.
During the first half, the bank acquired an 8.8 per cent stake in Bahrain’s $2.1bn Addur power project.
Vahan Zanoyan, chief executive officer of First Energy, said although it was still in its first year of full operations, the bank “has a good pipeline of potential deals under consideration spanning the upstream, downstream, oil field service and utilities sectors.”
Bahrain’s Gulf Finance House established First Energy as an Islamic investment bank focusing on the energy sector.
You might also like...
McDermott completes financial restructuring exercise
28 March 2024
Region heads for hotel boom
28 March 2024
Lowest bidders emerge for Kuwait housing project
28 March 2024
Redcon wins Red Sea Triple Bay infrastructure deal
28 March 2024
A MEED Subscription...
Subscribe or upgrade your current MEED.com package to support your strategic planning with the MENA region’s best source of business information. Proceed to our online shop below to find out more about the features in each package.