DUBAI, 10 September 2007 — International Investment Group Company, incorporated in Kuwait, began trading yesterday under the trading symbol “IIG”, the company said in a statement. The listing of ordinary shares of IIG was finalized and approved by the Dubai Financial Market (DFM) in collaboration with the Emirates Securities and Commodities Authority. Ownership of the company’s shares is available to Kuwaiti nationals up to 100 percent, while GCC nationals and foreigners are allowed to own company shares at a maximum of 49 percent. The company has KD33.21 million authorized capital and paid-up capital of KD31.81 million. It has issued 332.14 million shares, with each share valued at KD100 fils. Essa Kazim, chairman of DFM, said: “International Investment Group Company is the 54th to list its shares on the DFM. We welcome them to our bourse, and look forward to a prosperous future together. DFM’s strategy is based on offering diversified investment options to investors.”
Bahrain’s RTGS Hastens Money Flow
MANAMA, 10 September 2007 — The Central Bank of Bahrain’s Real Time Gross Settlement (RTGS) — a new online, real-time and secure national electronic payment system now being used by Bahrain’s retail banks on account of their customers or on their own account — has dramatically speeded up the flow of money into Bahrain’s economy, enabling more efficient utilization of financial resources by businesses and individuals. In August 2007, the CBB RTGS system handled transactions worth over $12.2 billion and on a daily basis, the CBB RTGS system handled over 900 funds transfer transactions worth $561 million. (Mehmood Rafique)
BankMuscat MSCI Kuwait Fund Robust
MANAMA, 10 September 2007 — The BankMuscat MSCI Kuwait Fund, launched in October 2006, has achieved a 44 percent gain in 2007 making it the top performing fund invested in the Kuwaiti Stock Market. The fund has consistently outperformed the broader Kuwait market as witnessed from its track record and the KSE index which increased by 27 percent during 2007. The BankMuscat MSCI Kuwait Fund is an open-ended fund, registered in Bahrain and managed by BankMuscat Asset Management Division (AMD). The fund offers investors easy access to a diversified basket of securities listed on the Kuwait stock exchange. The Fund’s assets are distributed across companies listed in the MSCI Kuwait IndexSM. (Mehmood Rafique)
GCC, India Aim at Boosting Trade Ties
MUSCAT, 10 September 2007 — The Federation of GCC Chambers (FGCCC) has identified five key sectors to strengthen the economic relations between the six Gulf Coperation Council states and India. The five sectors — information technology, tourism, health, small and medium enterprises and construction — will also help to pave the way for the signing of a free trade agreement between the GCC and India, said Abdulrahim Hasan Naqi, secretary general of FGCCC, after holding talks with Ambika Sharma, assistant secretary general for the Gulf of the Federation of Indian Chambers of Commerce and Industry. (Arif Ali)
BFHHC, BNP Paribas Sign Lease Accord
MANAMA, 10 September 2007 — Bahrain Financial Harbor Holding Company (BFHHC) yesterday confirmed that it had signed a lease agreement with the global banking major, BNP Paribas. Under the agreement, BNP Paribas has committed to an uptake of 5 floors (covering an area of over 5,000 sqm) in the Harbor Towers, which forms a key component of the recently launched Financial Center — Phase I of the landmark Bahrain Financial Harbor. BNP Paribas will be relocating its regional hub and Bahrain’s full service commercial branch to BFH.