Vision3 Signs Memorandum of Understanding with the Republic of Turkey
Vision3, the promoter of AgriCap, the Islamic investment vehicle conceived to invest in visionary initiatives across the agriculture sector in the greater MENA region today announced it has signed a memorandum of understanding with the Government of the Republic of Turkey. Under the terms of the agreement, the partners of the Vision3 strategic alliance, Abu Dhabi Investment House, Gulf Finance House and Ithmaar Bank, along with the Investment Development Authority of Turkey will work together in the identification of innovative agricultural investment opportunities throughout the country.
The signing ceremony took place at a media briefing organized by the Investment Support and Promotion Agency of Turkey (ISPAT), with State Minister and Deputy Prime Minister Mr. Nazım Ekren, Ithmaar Bank B.S.C. Chairman Mr. Khalid Abdulla Janahi, Gulf Finance House Chairman Mr. Esam Janahi and Abu Dhabi Investment House Managing Director Mr. Rashad Janahi in attendance.
The goal of AgriCap is to foster projects that offer solutions to the problems faced in global food production. It will also seek to expand the existing role of agriculture through the development of new agricultural and bio-technologies. To realize this potential, AgriCap will work with the Turkish authorities, drawing on centuries of agricultural tradition in the exploration and identification of tomorrow’s agricultural solutions.
The Turkish agricultural sector offers huge opportunities thanks to highly fertile soils and abundant rainfall that allows almost any type of crop to prosper. It is one of a few countries that can demonstrate true self-sufficiency in food production with more that 35 percent of its territory consisting of arable land. Turkey is a major exporter of high quality produce, including cereals, pulses, industrial crops, sugar, nuts, fresh and dried fruits, vegetables, olive oil, and livestock products.
ISPAT President Mr. Alpaslan Korkmaz during his opening remarks at the briefing, said. “As the Investment Support and Promotion Agency of Turkey, we are very proud that such an important first step targeting at our agricultural sector, definitely one of our country’s strategic powers, is taken during such a time of global economic slow down. This step also translates as a confirmation of the trust towards our country.” Korkmaz also stated that the Agency’s overall aim was to win value added investments to Turkey which will also provide know-how and employment. Korkmaz went on to say that the Agency has been seeking opportunities as such for Turkey also within the Gulf area.
Ithmaar Bank Chairman, Khalid Abdulla-Janahi commented today, “The Republic of Turkey has a centuries old agricultural tradition and is home to some of the most fertile arable land in the world. Given the boldness and ambition that characterizes AgriCap and the depth of agricultural know-how across this great country, there is vast amount we can achieve in the identification of visionary agriculture initiatives.”
Esam Janahi, Chairman of Gulf Finance House added, “There is no time to waste in the development of visionary agricultural projects that provide effective solutions to the shortage in regional food production. Thanks to the support of the Turkish Government, in just few short months AgriCap is making tangible progress towards achieving its goals. We have the will, the expertise and now the perfect location to begin the identifying and assessing agricultural initiatives that deliver high investor returns.”
Rashad Janahi, Abu Dhabi Investment House Chairman said, “We are very honoured to be here today marking what we believe will be a critical moment in the development of AgriCap and the birth of diversified agricultural initiatives across The Republic of Turkey. With one of the world’s foremost agricultural sectors and the kind support and direction of the Turkish Government, we look forward to identifying investments that push the envelope of agricultural science.”
AgriCap was conceived by a strategic alliance between Gulf Finance House, Ithmaar Bank and Abu Dhabi Investment House. The alliance recognizes the contribution MENASA countries can make by investing in solutions to increase supply in agricultural products with a focus on five principal lines - food production, livestock, biomedicine, bio-fuels and agricultural technology.
About Gulf Finance House
Founded in 1999, Gulf Finance House has grown rapidly to become one of the most respected investment banks in the Middle East region in terms of the quality and innovation of its product offerings. Over a nine-year period Gulf Finance House has successfully launched economic infrastructure development projects and investments with an aggregate end value exceeding US$25 billion and received numerous awards for its innovative approach to Islamic banking and finance. Its shares are actively traded on the London Stock Exchange (GDR), the Kuwait Stock Exchange, the Bahrain Stock Exchange and the Dubai Financial Market. 2007 was the most successful year in the banks’ history, closing with a net profit of US$340 million, an increase of 61% compared to the previous year.
Reflecting its international reputation, Gulf Finance House has won numerous local and international awards, such as “Best Investment Bank” for three years in a row in 2005, 2006 and 2007, awarded by The Banker Middle East, “Bank of the Year 2006” awarded by the Arabian Business Magazine and “Best Islamic Real Estate Finance House” awarded by Euromoney.
About Ithmaar Bank
Ithmaar Bank B.S.C. is licensed by the Central Bank of Bahrain and listed on the Bahrain Stock Exchange (“ITHMR”). It has a paid-up capital of $543.6 million, total equity of $1.3 billion and is a full investment bank with its direct business covering the Middle East and North Africa (MENA) region, as well as South Asia, Asia-Pacific and Europe. Besides holding significant investments in the banking, financial services and real estate sectors in different markets, the main direct activities of the Bank include underwriting (equity and other financings), private equity (structuring, participation and portfolio management), Islamic financing, and advisory services covering project financing, investments, capital markets and mergers and acquisitions.
Ithmaar Bank’s flagship subsidiaries and associates include Shamil Bank of Bahrain, Solidarity (an Islamic insurance company, headquartered in Bahrain), Faisal Private Bank (Switzerland), Faysal Bank Limited (Pakistan), and Bahrain based First Leasing Bank, BBK and Ithmaar Development Company.
For more information on Ithmaar Bank, please visit the Bank’s website at www.ithmaarbank.com
Abu Dhabi Investment House (ADIH) was established in 2005 by a combination of leading financial institutions and a group of prominent businessmen and investors from the Gulf region. The main focus of ADIH is to tap into and explore the existing and emerging potential of private equity, corporate finance, real estate, asset management, investment placement, in addition to managing Initial Public Offerings (IPOs), as well as, the management of domestic and international securities. ADIH enjoys unique relationships with various and numerous leading financial and investment institutions, including prominent decision makers within the GCC and Europe.
Since inception, ADIH has been associated with major landmark infrastructural projects across the region including: Beirut Gate (Lebanon), Entertainment City Qatar (Qatar), Sunset Hills, Porta Reef and The Lagoon - Amwaj Islands (Kingdom of Bahrain), in addition to enormous successful investment funds.
Since our establishment in 2005 we have grown in meteoric terms. There is no secret to our success or growth, rather an understanding of the importance of partnership and considered business plan.
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