Manama, Bahrain, 12 July 2015: Eskan Bank has appointed Securities & Investment Company (SICO) as lead arranger for the first real estate investment trust (REIT) on the Bahrain Bourse, and only the second Sharia-compliant listed REIT in the Gulf region.
Commenting on this pioneering development, Dr. Khalid Abdulla, General Manager of Eskan Bank, said: “The initiative of listing the REIT will be the first in Bahrain by Eskan Bank, where we offer a financial instrument that will add to the breadth of investment opportunities and position the institution as an innovative bank spearheading financial sophistication and depth. In line with our social mandate, this new REIT gives Bahrainis the opportunity to share in Eskan Bank’s significant property development activities, and benefit from commercial and residential rental income across diversified assets. This has been made possible by the proactive roles of the Central Bank of Bahrain and the Bahrain Bourse. Both are further developing the regulations concerning investing activities that will lead to capital market growth.”
Ms. Najla M. Al Shirawi, Chief Executive Officer of SICO, said: “We are pleased to work with Eskan Bank to lead and manage this historic REIT listing in Bahrain. The introduction of this new alternative investment asset class will contribute in adding depth to the Kingdom’s real estate sector, while helping to improve liquidity on the Bahrain Bourse. Our involvement illustrates our commitment to broaden the investment products offered to investors in the local market, and reinforce SICO’s status as a leading provider of corporate finance services in the GCC since 1997.”
The full press release in English & Arabic can be downloaded here .