By NNN-KUNA,
Kuwait : A study prepared by the Abu Dhabi Investment House (AIH) has estimated the volume of wealth of Gulf businesswomen to stand at nearly USD 37 billion, a matter that has prompted the AIH to establish a bank, the first of its kind, for Gulf businesswomen to be based in Bahrain.
The Abu Dhabi-based AIH said in a statement Tuesday that it has received the initial approval to form the bank in Bahrain with a capital of USD 100 million.
It said the aim behind forming the bank was to exploit the cash surpluses in a well-studied manner to achieve ambitions of Gulf businesswomen and develop their funds with minimal or no risks.
Saud Al-Nisf, Director of Recruitment at the AIH, said the bank would manage assets in accordance with the Islamic sharia (Law) and carry out banking services besides offering investment consultations.
Meanwhile, the Kuwait Investment Company (KIC) in partnership with the Abu Dhabi Investment House P.J.S.C. (ADIH) have announced launching a USD 158 million private placement for Beirut Gate, an integrated sea view project in the Beirut Central District, commonly known as Solidere.