Media Centre:
Press Release
Newly launched investment company Investate to locate its operations at Bahrain Financial Harbour
Manama, Bahrain, 10th , November, 2007: In a significant move that consolidates the position of Bahrain Financial Harbour (BFHHC) as the prime choice of leading financial conglomerates, BFHHC today announced that it has signed an agreement with Investate, the newly launched consortium of Bahraini and GCC businessmen based in the Kingdom of Bahrain. As per the terms of the agreement Investate has committed to occupy the 35th and 36th floor in the West Tower, in the 'Financial Centre,' which constitutes phase I of Bahrain Financial Harbour (BFH).Commenting on Investate's decision to move into the premises of BFH, Mr. Stephen Rothel, Chief Executive Officer, BFHHC, said: "First of all, we would like to congratulate the Investate team on the firm's inception and wish them well in their new venture. I am sure that with their strong executive team and solid backing they will be extremely successful. We are delighted about their decision to opt for BFH as the premier destination in Bahrain for Banks and Financial services companies. Recently, we have observed that while attracting already established regional and global financial institutions, a lot of new and vibrant institutions are keen on partnering for growth with us which we see as a great sign. We welcome the Investate family and are confident that this move will assist the firm in achieving its objectives."
With a paid-up capital of US$108 million and an authorised capital of US$500 million, Investate's shareholders include Omniyat Holdings (Dubai), Almasa Holdings (Dubai), Kuwait Investment Company (Kuwait), The First Investor (Qatar), Al Rashed Group and Al Hokair Group (both from Saudi Arabia). Investate will shortly be applying for a Central Bank of Bahrain (CBB) Category One Investment Company Licence - which will allow it to undertake a wide range of real-estate banking
activities including project financing, direct investment, asset management and advisory services.
Commenting on partnering with BFH, Mr. Salah Nooruddin, Chief Executive Officer of Investate, said: "With a clear focus on quality, Investate aims to become the region's leading organisation creating attractive investment opportunities for its shareholders and investors. To achieve our goals, it was imperative that we find the right platform to commence our operations. We are upbeat to be part of a world class project and it's our firm belief that operating out of BFH will play a pivotal role in adding value to our business plans for Bahrain and the GCC region. We are convinced that the location is both prime and unique with unparalleled advantages on offer..
Note to the editor
|
About BFH |
About Investate |
|
A fully integrated, master-planned development, the US$ 3 billion Bahrain Financial Harbour (BFH), is aimed at creating a complete financial city, a self contained community and reinforcing Bahrain's unsurpassed position as the financial capital of the Middle East. A first of its kind development in the region, BFH is a highly focused, committed and advanced financial environment spread over 380,000 square metres of prime seafront property in the centre of Manama, Kingdom of Bahrain. Furthermore, it comprises of 10 projects that uniquely combines business, leisure and residential components under one canopy. Phase I of the project ‘The Financial Centre' which includes the Harbour Towers - Bahrain's tallest towers and the Harbour Mall. The Financial Centre is operational and open for business.
|
Investate Realty B.S.C.(c) was established in 2007 with a paid-up capital of US$ 108 million and an authorized US$ 500 million. Investate offers investment opportunities in real estate development, income producing assets and private equity and corporate finance. Sharia'a compliant in outlook, Investate gains immensely from the strength and experience of its shareholders and investors spread across the region.
|
|