Real estate subsidiary planned by CBI
Authorities at Commerce Bank International (CBI) recently announced that it would establish two subsidiaries for real estate and Islamic finance, in association with international partners.
The bank is currently awaiting permission from the Central Bank and Ministry of Economy to establish the funds, according to Khaleej Times.
"We will launch an investment company, Naeem Investment Company, in association with Naeem Holding of Saudi Arabia with a capital of Dh100 million, acquiring 51 per cent shareholding," said Khamis Mohammed Buharoon, CEO of the bank.
Buharoon added that CBI has applied for license with the Central Bank and Ministry of Economy to float an Islamic finance and mortgage company with a capital of Dh500 million, in collaboration with strategic investors from Malaysia and GCC.
The bank is also planning real estate management and development company called Takamal, with an independent board of directors.
"This company will take over all the real estate assets of the CBI besides developing its own projects," Buharoon said.