Manama, the Kingdom of Bahrain: Khaleeji Bank, one of the leading Islamic banks in the Kingdom of Bahrain, has been appointed as the exclusive receiving bank for the upcoming initial public offering (IPO) of Al Abraaj Restaurants Group. The offering, managed by SICO, will launch on Sunday (November 24, 2024) and will run for two weeks until December 8, 2024.

The bank will provide all necessary facilities for submitting IPO applications, including technical support and guidance to ensure a smooth and efficient experience for all applicants. This IPO represents a significant step in supporting the growth of the restaurant sector in Bahrain and strengthens Khaleeji Bank’s role as a key partner in the Bahraini financial market, committed to supporting local businesses.

In this context, Mr. Maitham Abdulhameed, Head of Business Development at Khaleeji Bank, stated: “We are delighted to be part of this important IPO. At Khaleeji Bank, we value community partnerships, and our collaboration with SICO and Al Abraaj Restaurants Group reflects our commitment to supporting the growth of the Bahraini economy and enhancing the status of the financial market.”

Ms. Ameera Al Abbasi, Head of Retail Banking, added: “We are committed to providing a seamless and efficient experience for our clients. We are pleased to be the exclusive receiving bank for this offering, providing our support and expertise throughout the IPO process to ensure a positive experience for all participants. We invite interested parties to visit any of our branches located at the Bahrain Financial Harbour, Sanad and Lulu Hypermarket in Hidd, or to easily book an appointment through the 'Skiplino' app for their convenience.”

On his part, Mr. Wissam Haddad, Group Head of Investment Banking at SICO, said: “We are pleased to collaborate with Khaleeji Bank as the receiving bank for the Al Abraaj Restaurants Group’s IPO. Investors can submit their applications at its strategically located branches. This fruitful collaboration highlights our shared commitment to providing accessible and effective financial services that meet the aspirations of both individual and institutional investors.”

Mr. Hamad Rashid Hilal Issa, Chairman of Al Abraaj Restaurants Group, commented: “We are excited about this partnership with Khaleeji Bank and SICO for this IPO, which represents a strategic step to support the efforts to drive growth in the restaurant and hospitality sector. We are optimistic about the support from Khaleeji Bank and SICO, which will undoubtedly help us achieve our expansion goals and enhance our position in both local and regional markets.”

It is noteworthy that Al Abraaj Restaurants Group was established in Bahrain in 1987 and is a leading company in the restaurant and hospitality sector, managing 16 brands across 37 physical locations and 22 cloud kitchens, employing around 1,200 staff. Its portfolio includes some of the most renowned restaurants such as Al Abraaj, Bindaira, NuAsia, Lumee, YaSalam, Otto, San Carlo Cicchetti, MazMiz, LaRo and Sangam, all known for offering unique dining experiences that cater to diverse tastes in Bahrain. The group also holds five franchise rights, three of which are in key cities in Saudi Arabia: Khobar, Jeddah and Riyadh.

As part of its serious expansion efforts in Bahrain, Al Abraaj Group will launch new concept restaurants in the Avenues Mall Bahrain expansion project, Al Liwaan in Hamala, and City Center Bahrain, in addition to completing its plans for direct presence in the Saudi market along with its franchise restaurants in the Kingdom.

For more information, please visit our website at www.alabraajipo.com or contact Khaleeji Bank’ss Call Center at 17540054. Visit Khaleeji Bank's website at www.khaleeji.bank and follow the bank’s verified social media accounts on Instagram, Facebook, LinkedIn, YouTube, and X platforms to stay updated on the latest news and offers.