MANAMA, 9 March 2008 — Bahrain-based United International Bank (UIB), which completed its first full year of operations since its establishment, announced total income of $55.1 million at the end of 2007.
UIB generated a net income of $20.9 million during this period with total assets growing to $383 million. This was achieved through positive results and growth in all business areas, which was reflected in its fee income.
UIB is a Bahrain-based investment bank that was established in the second half of 2006. UIB’s principal line of business is to provide Shariah-compliant private equity and asset-based investments to its investors in the GCC. UIB completed a number of transactions during the period in sectors ranging from telecommunications, shipping and real estate. This also included the establishment of an aviation fund comprising of a diversified portfolio of wide body and narrow-body aircraft leased to airlines in the GCC, Europe and the Far East. The bank also partnered with a number of real-estate developers in the region in the various real-estate sectors, including the affordable housing sector in the GCC.
“We believe that the current economic and financial conditions in Europe and USA will provide good investment opportunities at attractive valuations,” said UIB Chairman Asaad Albanwan.
“UIB is looking at a number of transactions both in the region and globally,” said UIB Chief Executive Officer Abdulla Janahi.
“The bank has already concluded its first corporate investment transaction acquiring 92 percent of a leading European company, Kosan Crisplant, which is a global leader in the provision of systems and solutions for filling and reconditioning of liquefied petroleum gas cylinders.