Bahrain bank exits Airbus investment, opens new hotel.
Bahrain-based International Investment Bank (IIB) has announced a successful exit from its investment in an Airbus wide-body aircraft leased to a European airline, which generated an internal rate of return (IRR) of 18 per cent.
The bank, which is owned by major investors from across the GCC, also announced the opening of Swissotel Sarajevo. The hotel is part of the Sarajevo City Center (SCC) development, a state-of-the-art mixed-use real estate complex in the capital of Bosnia and Herzegovina comprising a mall, office tower and a five-star branded hotel. The hotel has 21 floors and 218 rooms, 40 of which are apartments, with spacious rooms that offer a panoramic view of the city and surrounding mountains.
IIB chairman Saeed Abdul Jalil Al Faheem said: "We are in the process of recalibrating our strategy to ensure investor and shareholder value is enhanced. The launch of Swissotel Sarajevo and the Airbus exit are both in line with this strategy."
IIB acting CEO Fareed Bader added: "We are pleased to have concluded the aircraft transaction which builds upon IIB's successful track record in this sector. It is the third successful aircraft transaction concluded by the bank and is in line with our strategy to generate exits and enhance the bank's liquidity position."
Incorporated in the Kingdom of Bahrain in October 2003, International Investment Bank (IIB) is an Islamic wholesale bank that has been involved in investments worth more than $3.0 billion since its inception. Regulated by the Central Bank of Bahrain, its shareholders are high net worth individuals, business houses and institutions from the GCC states. IIB undertakes two core business activities - private equity and real estate. - TradeArabia News Service
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|Publication:||TradeArabia (Manama, Bahrain)|
|Date:||Nov 7, 2018|
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