First Islamic Bank Forms Joint Venture

MANAMA, 30 June 2003 — First Islamic Investment Bank of Bahrain announced yesterday the establishment of a 232-million-euro ($265-million) joint venture with Shurgard Europe to develop up to 38 self-storage facilities in Britain, France, the Netherlands, Denmark, Sweden and Germany. First Islamic and its co-investors will hold an 80 percent stake in the joint venture, with Brussels-based Shurgard Europe holding the rest, the bank said in a statement. Of the 38 sites targeted for acquisition over the coming 12 months, to date 23 have been identified and approved for development, it said.