KFH invests in China project
DUBAI: Kuwait Finance House (KFH), the Gulf state’s biggest bank by market value, said yesterday it was investing $275 million in a real estate project in China as part of plans to boost its exposure to Asia. KFH has signed a deal with China’s Nan Hai Corp. to invest in the $3 billion Peninsula real estate development through its Asian Fund 2, the Islamic bank said in a statement.
Omani banks’ credit jumps 52 percent
MUSCAT: Commercial banks’ first half-year credit has jumped 52 percent in Oman, according to the statistics released by the Central Bank of Oman. Bank credit rose to 7.99 billion Omani riyals ($20.74 billion) during the first six months of this year, against 5.25 billion riyals during the same period in 2007, the bulletin said.
Iran oil minister to visit Oman
TEHRAN: Iran’s oil minister will travel to Muscat in the next week to discuss plans to export Iranian gas to Oman from where it could be exported using an Omani liquefied natural gas (LNG) plant. Oil Minister Gholamhossein Nozari’s discussions would cover Omani investment in Iran’s Kish gas field in the Gulf and the export of Iranian gas to that country and Iran’s partnership in the Omani LNG industry, the ISNA news agency reported.
Solidarity to set up Egypt subsidiary
MANAMA: Solidarity Group, a member of the Ithmaar banking group, has established a subsidiary in Egypt. Solidarity Family Takaful Egypt SAE has a subscribed capital of 60 million Egyptian pounds. Operating from its headquarters in Cairo, Solidarity Egypt is set to play a key role in launching innovative insurance solutions to Egypt’s growing population.
