KFH subsidiary buys Deera stake

JORDAN STAKE: Kuwait Finance House-Jordan has bought a 28% stake in Jordan's Deera Investment & Real Estate Development Co for $33.9 million. (ITP Images)

Islamic lender Kuwait Finance House-Jordan has bought a 28 percent stake in Jordan's Deera Investment & Real Estate Development Co for $33.9 million, a Deera official said on Sunday.

KFH-Jordan is a subsidiary of KFH-Bahrain, itself a subsidiary of Kuwait Finance House, and through its stake in Deera aims to tap growing foreign investment in Jordan, particularly in the hotel sector, KFH-Jordan said in a statement late on Saturday.

"KFH-Jordan has bought a 28 percent stake in Deera for 24 million dinars ($33.9 million)," Deera General Manager Zuheir Halawani told Reuters by telephone.

As well as in Kuwait, Bahrain and Jordan, KFH operates in Malaysia and Turkey, and is aiming to expand in the Gulf and possibly Hong Kong and Australia, the bank told newswire Reuters last week.

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