By Claire Valdini
Islamic lender’s real estate assets to be handled by new entity as part of restructuring
Kuwait Finance House (KFH), the Gulf Arab state's biggest Islamic lender, has consolidated its real estate assets as part of its restructuring.
All of KFH’s real estate investment activities, both locally and internationally, will be handled by KFH Real Estate, a fully-owned investment vehicle for real estate assets, the lender said in a statement.
“The launching of KFH Real Estate emphasises the importance of this asset class and its paramount role as a cash generating asset and its attractive risk adjusted return,” Shaheen Al-Ghanim, acting chief investment officer, said.
The Islamic lender reported a 24 percent rise in fourth quarter net profit in February thanks to its restructuring programme. KFH last year said it was reshuffling its top management and planned to work with advisors to sell, merge or restructure unprofitable subsidiaries after a fall in profits in 2011.For all the latest banking and finance news from the UAE and Gulf countries, follow us on Twitter and Linkedin, like us on Facebook and subscribe to our YouTube page, which is updated daily.