United Gulf Bank (UGB) of Bahrain, the investment banking arm and subsidiary of Kuwait Projects Company (KIPCO) and Doha Bank of Qatar have announced the formation of an alliance for UGB and its subsidiary, KIPCO Asset Management (KAMCO), to provide Doha Bank with technical services in corporate finance, project finance and asset management.
The Qatari economy has been expanding at a rapid rate, as reflected by the recent rise in the stock market of 74 percent in 2003 through December 19, 2003, according to a company press release. The alliance with UGB positions Doha Bank to capitalize on new opportunities as they emerge.
UGB's assets exceed $1.1 billion, with main activities consisting of private equity and fund investments, quoted equities, asset management, corporate finance, real estate, treasury and selective commercial banking services.
KAMCO is a 66 percent owned subsidiary of UGB and has $4.1 billion in assets under management. Recently KAMCO shares were listed on the Kuwait Stock Exchange. — (menareport.com)
© 2003 Mena Report (www.menareport.com)
