Kuwait’s KFH liquidates Turkey real estate fund

  • Share via facebook
  • Tweet this
  • Bookmark and Share
PROFIT RISES: KFH reported a net profit of $10m following the liquidation of the fund. (ITP Images)

PROFIT RISES: KFH reported a net profit of $10m following the liquidation of the fund. (ITP Images)

Kuwait Finance House (KFH), the country's biggest Islamic lender, reported a net profit of $10m following the liquidation of a real estate fund targeting the Turkish market.

KFH said in a statement on Saturday that the liquidation process had realised a return on investment of 14 percent, or $10m. The size of the fund, which was established in 2004, was not disclosed.

Talal Al-Nussuf, director of KFH’s Financial Services Department, confirmed the lender is mulling new funds targeting Turkey’s infrastructure projects, real estate, power and automobile developmental projects as well as some insurance fields.

In October, KFH posted a 46-percent decline in third-quarter net profits. Net income in the three months to September 30 fell to KD34.3m ($120.1m), compared with KD63.23m in the same period a year ago.

 

Related:
Join the Discussion

Disclaimer:The view expressed here by our readers are not necessarily shared by Arabian Business, its employees, sponsors or its advertisers.

Please post responsibly. Commenter Rules

  • No comments yet, be the first!

Enter the words above: Enter the numbers you hear:

All comments are subject to approval before appearing

Further reading

Features & Analysis
Coming to America

Coming to America

As Barack Obama seeks to rebalance the bloated US economy, the...

Should the Gulf introduce VAT?

Should the Gulf introduce VAT?

The GCC’s plans to bring in value-added tax were withdrawn as...

5
Why are some of the world's biggest banks leaving the UAE?

Why are some of the world's biggest banks leaving the UAE?

Large Western banks have been selling off their local assets...

2
Most Discussed
  • 8
    Has Narendra Modi already lost the plot?

    Do something for your country instead of giving an overview from outside the country. This article does not have indepth view of the policies announced... more

    Thursday, 26 March 2015 2:47 PM - umas
  • 4
    Nakheel PR: The toughest job in Dubai?

    I would suspect the damage is done. Nakheel should have put its customers first and made them allies. Instead, it has treated them as second-class citizens... more

    Friday, 27 March 2015 2:42 AM - Chris
  • 3
    Drunk passenger who slapped air stewardess jailed in Dubai

    @Nezaud is 100% correct. Infact I think it is utter hypocrisy for airlines to complain about Drunken passengers when it is they (the airlines) who are... more

    Friday, 27 March 2015 2:42 AM - Robert Carter