IIB announces exit from aircraft investment

Business Sunday 11/November/2018 13:47 PM
By: Times News Service
IIB announces exit from aircraft investment

Muscat: International Investment Bank (IIB), an Islamic wholesale investment bank based in the Kingdom of Bahrain, announced a successful exit from its investment in an Airbus wide-body aircraft leased to a European airline, which generated an IRR of18 per cent.
The bank, which is owned by major investors from the UAE, Saudi Arabia, Kuwait and Bahrain, 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, officer tower and a 5-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.
“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,” said Saeed Abdul Jalil Al Faheem, UAE-based IIB Chairman.
“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, ” said Fareed Baderadded, IIB Acting chief executive officer (CEO).
Incorporated in the Kingdom of Bahrain in October 2003, IIB is an Islamic wholesale bank that has been involved in investments worth more than US$3 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.