Unicorn Receives Industry Recognition For Achievements And Innovation
Unicorn Investment Bank (Unicorn), the Bahrain-based financial services group, has been named the Best Investment Bank in Bahrain by international business magazine Global Finance for the second year running.
Global Finance editors, with input from industry experts, used a series of criteria to arrive at their selections. These included market share, number and size of deals, service and advice, structuring capabilities, distribution network, efforts to address market conditions, innovation, pricing, and after-market performance of underwritings.
Unicorn has also been named the Best Islamic Bank in Bahrain by the pre-eminent Asia-focused business magazine, Asiamoney. In presenting Unicorn with the award, the editors of Asiamoney cited the Bank’s “extraordinary progress in the capital markets, and in innovation generally”.
Unicorn recently announced the successful close of a US$450 million Sukuk for Dar Al-Arkan Real Estate Development Company in a landmark transaction that is expected to set the benchmark for GCC corporate borrowers going forward. Issued in February 2010, the Dar Al-Arkan Sukuk marked the first international issue out of the GCC region in 2010 and the first Sukuk to be issued since the Dubai World debt standstill announcement in November 2009. Furthermore, as the first 144a issue by a company in Saudi Arabia, the Sukuk made it possible for US investors to directly participate in a Saudi Arabia issue for the first time.
Commenting on the awards, Majid Al Sayed Bader Al-Refai, Managing Director and Chief Executive Officer of Unicorn, said: “We are honoured to receive these two awards which recognise Unicorn’s progress and achievements in a difficult year for the global financial sector. We believe that Unicorn has a unique strategy, an innovative approach and, with Allah’s grace, the ability to successfully deliver its vision, and we are tremendously grateful for the support and goodwill of our industry peers as we continue to build a leading Islamic financial services group.”