Banking & Finance TAKAUD Partners with Ahli Capital The MENA region’s specialist provider of savings, investment and pension solutions, TAKAUD and Ahli Capital Investment Company K.S.C.C., have signed an agreement that provides Ahli Capital with access to TAKAUD’s Sharia-compliant Investment Strategies, which comprise the best performing Sharia-compliant mutual funds globally. The Investment Strategies are available in three investment risk profiles and have significantly outperformed their respective benchmarks over a 5-year period. “TAKAUD is pleased to be selected by the investment arm of Kuwait’s fourthlargest bank to provide savings and investment solutions that span a great range of investment needs,” Luc Métivier, TAKAUD CEO said. “Ahli Capital clients will now benefit from our stringent investment-screening processes. We always aim to offer significant value to investors, and they will continue to benefit from our ongoing refinements.” Muhsen M. Al Harbi, CEO of Ahli Capital said, “This partnership with Takaud will help to increase the range of investment solutions we can offer our clients. This arrangement will increase the depth and breadth of our product range. We are quite excited about this new relationship and we believe our clients will certainly benefit from this arrangement.” Memorandum to facilitate Cooperation CrediMax signed a Memorandum of Understanding (MoU) with Bahrain Institute of Banking and Finance (BIBF) to further enhance human capital skills and knowledge through the Bahrain International Project Management Convention that took place during the month of November <strong>2016</strong>. The fundamental purpose of the MOU is to facilitate the cooperation between the two organisations in providing relevant activities relating to the training and development of human capital in the project management field. The Convention, which is an initiative by the BIBF, was the first of its kind event to take place in the region. The programme included a series of training courses, workshops and fun corporate activities highlighting various topics related to the science and art of project management. It was designed to promote further awareness about this discipline, with the ultimate goal of enhancing project deliverables in the Kingdom of Bahrain. On this occasion, the BIBF’s Deputy Director Dr. Ahmed Abdulhameed Al Shaikh said “This partnership comes at a time when the project management discipline is growing and more organisations identify its importance for the delivery of better results within a given projects’ framework. Consequently, the BIBF is very proud to be part of this thriving industry. At the BIBF, we know that on-going professional development plays a tremendous role in the success of projects.” Ibdar Bank invests in prime UK real estate Bahrain-based wholesale Islamic Investment bank, Ibdar Bank, has announced the closing of a USD 29.5 million Joint Venture (JV) to develop a prime Purpose-built Student Accommodation (PBSA) project in Southampton, United Kingdom. Commenting on the acquisition, Mr. Ahmed Al-Rayes, Acting Chief Executive Officer of Ibdar Bank said: “The Bank is pleased to announce the successful acquisition of a prime site in Southampton, UK in order to develop a leading Purpose Built Student Accommodation (PBSA) that will be designed to meet the rising demand for higher quality student accommodation in the area by both local and international students. The acquisition is in line with our strategy to identify and invest in prime global real estate within the UK market, which is an area of strong and ongoing interest for the Bank.” The Class A development will provide accommodation for more than 200 student in a mixture of one bedroom, two bedroom and three bedroom modern studio apartments. The project is expected to be completed in time for the 2018-2019 academic year. Director of Real Estate, Mr. Bassam Kameshki, said: “The UK remains an investment destination of choice for GCC investors, and this deal in a defensive sector is expected to generate attractive returns. We have chosen Southampton as there is an undersupply of quality, Bassam Kameshki Director-Real Estate, Ibdar Bank PBSA schemes and a shortage of accommodation for college students taking into consideration the growing student population and the ongoing expansion of universities in the Southampton area”. 64 <strong>December</strong> <strong>2016</strong>
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