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Alpha Lease & Finance Holding Company signs agreement with Bahrain Financial Harbour
- o Newly-launched holding company to commence operations from US$3 billion Bahrain Financial Harbour(BFH)
- o Move validates BFH's as the prime choice of both established and upcoming financial institutions
Manama, Bahrain, 18th , May, 2007: In a development that signifies a strengthening of the number of quality financial players at BFH, the Bahrain Financial Harbour Holding Company (BFHHC) today announced that Alpha Lease & Finance Holding Company (Alpha) would soon commence its operations from the US$ 3 billion landmark development. Alpha Lease & Finance Holding Company is a Bahraini closed shareholding company organised under the laws of the Kingdom of Bahrain with an authorised capital of US$50 million and a paid-up capital of US$20 million.
Commenting on Alpha's decision to move into the premises of BFH, Mr.Salwan Uchi, Senior Manager, BFHHC, said: "In the last one year since phase 1 of the Financial Harbour was completed several local, regional and global financial institutions focusing on expansion in the region have shown keenness to use BFH's world-class, business-friendly infrastructure and strategic location to strengthen their operations. Interestingly, many of these young and dynamic organisations have also shown immense interest in partnering with us, so I am convinced Alpha's decision will put it on a high growth curve."
"Within a short period of its inception Alpha has emerged as a promising holding company specialising in the equity investment and asset management of lease and finance entities in select countries. Through its excellent facilities for businesses, BFH will nurture entrepreneurial talent within the Kingdom of Bahrain and we are proud to have Alpha as the latest addition to the BFH family, which has a significant number of quality financial service providers as its members." Mr. Uchi, added.
According to the terms of the agreement, Alpha has committed to occupy office space on the 12th floor in the West Tower, in the 'Financial Centre,' which constitutes Phase I of BFH.
Within a short span of its inception, Alpha, a subsidiary of International Leasing and Investment Company, Kuwait (ILIC), built up an impressive portfolio of shares by buying into existing leasing and finance companies operating in its target markets. This includes shares of Halic Leasing Company, Istanbul, Turkey, Al Ijarah Indonesia Finance, Jakarta, Indonesia and National Leasing & Investment Company, Khartoum, Sudan.
Commenting on partnering with BFH, Mr. Matloob Khan, Managing Director, Alpha Lease & Finance Holding Company, said: "Having successfully concluded the first stage of our operations, we have chalked out an aggressive expansion plan with the objective of developing our business further. Alpha intends to build on existing know-how and invest in enhancing its professional capabilities for a feasible business model. Such intensive activity necessitated use of an appropriate platform for our operations. Such a platform also had to be the hub of the financial sector in the Kingdom of Bahrain and the region. With BFH we are delighted to have found that perfect location for the implementation of our business plans and our shifting into Bahrain Financial Harbour would mean a significant step forward."
Alpha's primary business strategy will entail the setting up of satellite leasing companies in select markets to benefit from available synergetic opportunities, while simultaneously making perceptible positive contribution to the economic development of each target country, with its global headquarters based in the Kingdom of Bahrain.
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About BFH
A fully integrated, master-planned development, the US$ 3 billion Bahrain Financial Harbour (BFH), is 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.
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