The asset management and investment banking firm says that during the first six months of 2008 profits rose to KD82.2m (£310.1m). Assets under management rose to $9.4bn from $8.3bn during the same period last year.

Fee income from asset management rose by 28 per cent, while investment banking fees rose to $43.3m.

Earlier this month, Shahid Hameed, the bank’s head of asset management, told MEED that he hoped to attract an additional $1bn of foreign investment into funds it manages (MEED 25:7:08).