Jordinvest shakes on regional partnership

12 May 2006
Jordan Investment Trust (Jordinvest) has increased its capital to more than JD 23 million ($32.5 million) from JD 17 million ($23.9 million) through the private placement of 6.6 million shares to Jordan Dubai Capital (JD Capital). JD Capital is now the investment bank's biggest investor with a 28 per cent stake.

'We will work with [JD Capital shareholder] Dubai International Capital and expand our operations in Dubai, Qatar and the rest of the GCC,' said Ahmad Tantash, chief executive officer of Jordinvest. 'The partnership will increase our financial capacity for underwriting and enable us to get into bigger deals.' The investment banking company is looking to establish offices in the Dubai International Financial Centre (DIFC) and the Qatar Financial Centre (QFC).

Jordinvest is financial adviser and investor in a JD Capital initiative to establish a mortgage company in Jordan. The company will offer mortgage products to middle and low-income consumers. Jordinvest is also looking at launching new mutual funds to invest in local and regional equities in addition to its First Trust Fund. 'Our focus is definitely on real estate projects and funds and we're now expanding our product reach,' said Tantash.

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