Bahraini bank to co-invest in retail sector project

Capinnova Investment Bank, the shariah-compliant investment banking arm of Bank of Bahrain & Kuwait (BBK) is to co-invest in a US$50mn project in Bahrain’s retail sector.

Construction of the project, involving the building of a major shopping mall in Bahrain’s Muharraq area, has already begun and is scheduled for completion in the second half of 2010.

Jamal Hijres, Capinnova’s CEO, states: “It is a historic moment for us at Capinnova Investment Bank as we have stepped into the country’s vibrant retail sector to develop this state-of-the-art retail mall in the kingdom.”

He continues: “We also feel that ventures such as this will increase demand for skilled Bahraini manpower in this particular sector. Moreover, these large commercial establishments will play a significant role in boosting the country’s economic growth under these challenging market conditions.”

Yasser Abbady, senior director, head of corporate finance, Capinnova Investment Bank says: “The retail sector in Bahrain has proved to be resilient in the face of external global factors. Capinnova continues to target opportunities in other sectors such as telecommunications, utilities, industrial, services, and financial institutions to support (either) raising growth funds or integration through merger and acquisition.”