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Sunday, 08 November 2009 05:29 UAE time

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Bahrain's Capinnova to co-invest in $50m retail sector project

by This email address is being protected from spam bots, you need Javascript enabled to view it  on Saturday, 27 June 2009
RETAIL BOOST: Bahrain's Capinnova Bank set to co-invest in $50 million project in local retail sector. (Getty Images)
RETAIL BOOST: Bahrain's Capinnova Bank set to co-invest in $50 million project in local retail sector. (Getty Images)

Capinnova Investment Bank - the Shari'a compliant investment banking arm of BBK (Bank of Bahrain & Kuwait) is to co-invest in a $50 million project in Bahrain's retail sector.

Construction of the project, involving the building of a major shopping mall in Bahrain's Muharraq area, has already begun and is scheduled for completion in H2 2010.

Jamal Hijres; Capinnova's CEO said in a statement: ''It is a historic moment for us at Capinnova Investment Bank as we have stepped into the country's vibrant retail sector to develop this state-of-the-art retail mall in the Kingdom.''

"We also feel that ventures such as this will increase demand for skilled Bahraini manpower in this particular sector. Moreover these large commercial establishments will play a significant role in boosting the country's economic growth under these challenging market conditions," he added.

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Yasser Abbady, Senior Director, Head of Corporate Finance, Capinnova Investment Bank said: "The retail sector in Bahrain has proved to be resilient in the face of external global factors.''

''Capinnova continues to target opportunities in other sectors such as telecommunications, utilities, industrial, services, and financial institutions to support (either) raising growth funds or integration through merger and acquisition,'' he added.

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