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Kuwait Finance House-Jordan (KFH-Jordan), a $50 million wholly owned subsidiary of Kuwait Finance House-Bahrain, has announced its board of directors.
At the first board meeting of KFH-Jordan, Abdulhakeem Alkhayyat, Mohammed Ahmed Al Halayqa, Reem Madhar Al Badran, Ayman Hatahit, Abdul Razak Jawahery and Mohammed Hamad were appointed members of the board of directors.
The constituent general meeting of KFH-Jordan also elected Mr Alkhayyat, who is general manager of KFH-Bahrain, chairman of KFH-Jordan.
KFH-Jordan will have its own dedicated management team and will benefit from having access to financial and specialised resources from an already established network in Bahrain, with a main purpose of expanding investment opportunities in the Jordanian economy.
KFH-Jordan will add to the growing network of the KFH Group which currently operates in Kuwait, Bahrain, Turkey and Malaysia.
KFH-Jordan was incorporated under the laws of Jordan and the main activities will include investment advisory, acquisitions and development of investments and private equity.
KFH-Jordan will contribute highly to the rapidly growing foreign direct investments in Jordan and the regional economy in general.
Recently Jordan witnessed a major increase in foreign investments, mainly in the manufacturing and hotel and lodging industries.
Commenting on this announcement Mr Alkhayyat said: "KFH has emerged from its domestic beginnings into becoming a global financial leader. I am confident that this appointment, combined with our world-class employees, competitive strategy, leading brand and network, and diverse product offering will lead to the continued success for KFH-Jordan."
KFH-Bahrain has entered several countries with strategic investments, including New Zealand, Turkey, United Kingdom, Jordan and the US.
KFH also has major real estate investments in Bahrain, including Darrat Al Bahrain, Diyyar Al Muharraq and Ishbiliya Village expected to reach $12 billion over the next 10 years.
KFH-Bahrain is fully owned subsidiary of Kuwait Finance House-Kuwait (KFH-Kuwait), the largest Islamic bank in the world and was established in Kuwait in 1977.
KFH is listed on Kuwait Stock Exchange (KSE), with a market capitalisation of $11 billion. Assets total $22 billion and deposits amount to $13 billion, representing 25 per cent of the total deposits in the Kuwaiti market.
