First Energy Bank (FEB) the world’s first investment bank focused exclusively on the energy sector, held its first shareholder meeting at the Banyan Tree Resort & Spa. Shareholders were in attendance from Bahrain, Saudi Arabia, Kuwait, Libya and the UAE.
Mr. Esam Janahi, FEB Chairman announced that the Central Bank of Bahrain has awarded it a wholesale banking license (Islamic Principles). Mr. Janahi welcomed the shareholders and presented the constitutional committee’s report of First Energy Bank’s business activities.
In his report, Mr. Janahi commented, “The huge and growing capital needs of the energy sector are best met by a bank that understands the industry as well as the world’s producing regions. FEB will be the first of its kind globally to offer both specific value-added advice and intelligent finance targeted to the energy sector. We look forward to serving the needs of a booming energy sector in the MENA region and in Asia and indeed across the world.”
“There is obviously momentum behind this kind of bank”, said Mr. Janahi in his report. “The over subscription to the capital raising was impressive. We ended up capping it at $1 billion from the initial $750 million, despite the fact it was several times oversubscribed.”
“Just as importantly, we have already had several serious inquiries from regional firms needing our expertise to help them increase their market share,” he reported to the Shareholders. “In the planning for this venture, we saw there was a huge opening for an institution to serve the needs of the MENA energy industry. The enthusiastic initial reaction provides strong confirmation,” noted Mr. Janahi.
The meeting’s six agenda items included the appointment of FEB’s Sharia Supervisory Board, external auditors KPMG and the initial Board of Directors.
The meeting also approved additional business related to the registration of FEB.
The newly appointed members of the Sharia Advisory Board are Shaikh Nidham Mohammed Saleh Yaquby and Dr. Mohammad Akram Laldin. (Biographies are attached)
As the bank moves toward full operation, the Board of Directors will expand to 13 distinguished representatives from Bahrain, Saudi Arabia UAE and Libya.
The 13 Board Members will be distributed to the three newly created board-appointed committees; the Executive and Investment Committee, the Audit & Risk Management Committee and the Remuneration, Nomination and Governance Committee. “Having a board of this caliber, credibility and diversity will be tremendously helpful in sourcing and structuring deals throughout MENA,” said Mr. Janahi.
“According to the International Energy Agency (IEA) world oil demand will grow from 83.6 million barrels per day (mb/d) in 2005 to 116.3 mb/d in 2030. Without significant additional investment, the energy industry will be unable to meet this demand and the world will face an acute supply shortage,” noted Mr. Janahi.
“An estimate $8.2 trillion will be required globally in the oil and gas sector through 2030. Now that the world has entered an era of permanently higher prices, investors can expect to earn superior returns from investments in the energy sector,” stated Mr. Janahi.
Board members will include highly qualified individuals from different countries of the Middle East to include:
Board Members from the UAE will include Hamad Rashed Nehail Al Neaimi, representing Shaikh Dihab Bin Zayad; Ahmed Saif Al Darmaki, representing Abu Dhabi Water and Electricity Authority; Khalid Jassim Mohd. Bin Kalban, representing Dubai Investments; Khadim Al Qubaisi, representing Tasmeem; and Abdulla Showaiter of Emirates Islamic Bank.
From the Kingdom of Saudi Arabia, the board members will include Sadoun Bargash Hamoud Al Sadoun, representing Shaikh Mohammed Hussain Al Amoudi, and Adel Al Jaber, representing Al Jabr Trading Co.
Mustafa Zarti will represent the primary North African Investor, the Libyan Investment Authority.
The Kingdom of Bahrain Board members will be Esam Yousif Janahi, Khalid Najeebi, representing Capital Management House/Bahrain Islamic Bank, Mehran Jamsheer, representing Gulf Finance House, Hisham Al Emadi, representing Gulf Finance House and Ebrahim Hussain, representing Khaleeji Commercial Bank.
Esam Janahi on behalf of FEB thanked His Majesty King Hamad bin Isa Al Khalifa, His Highness The Prime Minister Shaikh Khalifa bin Salman Al Khalifa, His Highness The Crown Prince Shaikh Salman bin Hamad Al Khalifa and the Central Bank of Bahrain and the Ministry of Industry and Commerce from the Government of Bahrain for their steadfast support.
First Energy Bank will be headquartered in Bahrain Financial Harbour.
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