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Dubai: Kuwait's Gulf Holding Company said it will raise a 'substantial' amount in an Islamic bond issue to finance a $620-million real estate project in Bahrain.
"We are in an advanced stage of arranging a sukuk issue. It is going to be launched in five to six weeks," Gulf Holding chief executive officer Ahmad Al Ameer told Gulf News yesterday.
He said the amount will be "substantial" but did not disclose the figure. The money will be used to fund the Villamar residential complex at the landmark Bahrain Financial Harbour.
The two-year-old company also has plans to enter the telecommunications, logistics and power sectors across the Middle East and North Africa.
New venture
Al Ameer said a five-year business expansion plan will see several new ventures. He expects the company's asset portfolio to grow four-fold during the period from the current $1.25 billion. "We aim to expand into logistics, infrastructure, telecommunications and power plants," he said.
Setting up of port-related businesses is also a key area. "We are trying to put together consortiums consisting of investors and operators to go for huge investments in logistics," he said.
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