MANAMA, 21 June 2007 — Bahrain-based Capivest, previously known as Khaleej Finance and Investment (KFI), plans to implement a multibillion dollar investment initiative by tapping the health care, industry, real estate and other sectors in Saudi Arabia and other GCC countries, a top official at Capivest said yesterday.
Capivest Chief Executive Officer Nabil Mohammed Hadi, who unveiled the bank’s new corporate identity, told a press conference that Saudi Arabia would remain a main focus in next three year’s strategic investment plan. “We are close to seal two major real estate deals in the Kingdom of Saudi Arabia and there will be many more exciting projects,” he said. He did not mention the size or name of the projects. “We will announce the details soon.” Highlighting the salient features of the investment plan, he said that $1.25 billion, $500 million and $300 million would be invested in industry, health care and real estate sectors over the period of three years. “We are carefully studying these projects and prospects of some other projects in different markets including Saudi Arabia. With new branding the bank needs to pursue an aggressive business strategy to add value to the shareholders portfolio.”
“The bank has adopted a new corporate identity as part of its strategy to go beyond local and regional boundaries and to establish partnerships and alliances on international levels, thus to maintain pace with the changes witnessed by the banking sector in Bahrain and GCC countries.”
Capivest will also increase it capital base by next year as part of long-term strategy. The CEO said that there has been pressure from the shareholders to increase capital base. “We have been asked by shareholders to increase capital but this can only happen by next year at earliest.”
Capivest is the new name of the bank which is specialized in Shariah-compliant products, services and investment activities.
