IIB to launch an asset management company in Saudi Arabia
International Investment Bank, a globally focused investment bank based in Bahrain, has today announced, in partnership with Islamic Corporation for the Development of the Private Sector (ICD), an affiliate of the Islamic Development Bank Group, the signing of a shareholders agreement with several strategic partners for the establishment of Ewaan Capital in Saudi Arabia.
The shareholder base of Ewaan Capital also includes the Saudi Company for Economic & Development (SEDCO), a Saudi based investment group, Aseambankers Malaysia Berhad, the investment bank of the Maybank group and Ewaan International Housing Company.
Ewaan Capital will be an asset management company with an authorized capital of 50 million Saudi Riyal and shall come under the direct supervision of the Saudi Capital Markets Authority. Its services will include, amongst others: capital markets activities; fund management; investment banking and advisory services.
"The Saudi market is delivering an attractive rate of growth and presenting more opportunities for banks like IIB. By partnering with such credible partners, IIB aims to strengthening its presence in the Saudi market to tap these opportunities and to increase its strategic investments in the financial sector. We engaged with the same partners last year to establish Ewaan International Housing Company in KSA to target the growing housing sector in KSA,” said Aabed Al Zeera, CEO of IIB, commenting on the signature of the Agreement.
The first company to benefit from the services of Ewaan Capital once it has been established will be Ewaan International Housing Company, where Ewaan capital will be mandated to raise funds to construct housing complexes in various areas within Saudi Arabia to cater for the low and middle income segments.
IIB will soon be announcing additional investments in the Kingdom of Saudi Arabia and in the financial sector. “By making these selective investments IIB is diversifying its portfolio to offer rewarding investment opportunities to its investors. We are also in the process of studying other opportunities in the financial sector to increase IIB’s involvement in the market,” concluded Mohamed Hadi Mejai, Executive Director of Direct Investment at IIB and Director of Ewaan Capital.