Khaleeji to spend $1bn on Bahrain project

by Richard Kilner

Story link: Khaleeji to spend $1bn on Bahrain project

Following Khaleeji Commercial Bank’s AGM, the bank’s chairman, Dr Fuad Al Omar, stated that a major new project could be near at hand.

Al Omar revealed that no location had yet been chosen for the $1bn leisure project, to be situated somewhere in Bahrain, but that the south was the most likely area.

The project would be split between a resort, and entertainment.

In the aftermath of a strong performance the AGM saw shareholders support a 15% dividend, and appointed a new board of directors to match the firm’s new shareholder structure.

The Khaleeji Commercial Bank is also seeking to list its shares on regional stock markets, a move expected to diversify and widen the firm’s shareholder base.

Last year saw the bank’s profits soar by 164% to BD21m.