Dubai Investments acquires 50m shares in First Energy Bank |
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Dubai: Dubai Investments (DI)Dubai Investments (DI)
has acquired a strategic stake in Bahrain-based First Energy BankFirst Energy Bank - the first Sharia compliant bank in the region focused on investment and financial services in the energy sector.In a transaction valued at $65 million, DIDI
acquired 50 million shares, or 5 per cent of the total holding of First Energy BankFirst Energy Bank, which is promoted by Gulf Finance House, Bahrain's premier Islamic investment bank. First Energy BankFirst Energy Bank commenced operations in June 2008."We see this acquisition as a significant step in expanding our investment horizons within the Arab region," said Khalid Kalban, MD and CEO of Dubai InvestmentsDubai Investments
. "Dubai InvestmentsDubai Investments
is focused on diversifying its investments and widening its geographic reach, and occupying a position of primacy across the business and financial spectrum remains at the core of our strategic ambitions."First Energy BankFirst Energy Bank
focuses primarily on the oil and gas (upstream/downstream), transportation, petrochemicals, power and IWPP (Independent Water and Power Production) sectors within the energy spectrum. Investment activities of the bank are planned to include energy development projects, co-investment in development projects, corporate acquisitions, asset/portfolio acquisitions, and mezzanine capital/preferred equity.
First Energy BankFirst Energy Bank
is expected to generate a net profit of $107 million and a Return on Investment of 11 per cent in its first year of operation itself.According to International Energy Agency estimates, $4.3 trillion of new investment will be required globally in the oil sector through 2030, while approximately $3.9 trillion is projected to be invested in the gas sector.
By Staff Reporter
© Gulf News 2008
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