JEDDAH, 29 September 2006 — Investors unanimously endorsed the strategy proposed by Gulf One Investment Bank during its constituent general assembly in Bahrain.
Dr. Nahed Taher, CEO of Gulf One, announced to the shareholders that the turnout of investors was 92 percent, the legal quorum had been met and that the assembly was officially convened with Taher as chairman.
The investors and proxy holders voted unanimously in support of the agenda and appointed the first board of directors.
The investor base of Gulf One includes businessmen, financial institutions and trading companies from the Gulf Cooperation Council and Malaysia representing a diversified business background.
“Gulf One was established in order to close a critical gap due to the lack of a specialized financial institution that can provide financing, investment tools for infrastructure and energy related projects in GCC countries,” said Taher.
Dr. Ghassan Al-Sulaiman, one of the bank’s founders and member of the board of directors, announced the names of the new members of the board of directors. They are: Mohammed Alfadl, Abdul Aziz Al-Abdulgader, Dr. Ali Al-Bahar, Bader Al-Subaie, Fahad Al-Hoshan, Fouad Bubshait and Zaki Farsi in addition to Al-Sulaiman, Taher and Ziyad Omar. Al-Sulaiman lauded the experience and acumen of the board, which will have a positive impact on the bank’s overall activities.
Taher explained how the bank aims to fulfill its growth objectives. “We are endeavoring to present financial products and services as well as financing solutions to the infrastructure sector, by engaging in the issuance and selling of shares, arranging loans and forming investment vehicles through what is known as SPV — Special Purpose Vehicles — which are investment tools that aim at acquiring and financing specific assets in various sectors such as energy, water, transport and petrochemicals.”
She emphasized the need for the bank to build a strong base of alliances and partnerships to enhance what it has successfully established up to now.