MANAMA: Tadhamon Capital, one of the newest Islamic investment companies in Bahrain, officially opened its new corporate headquarters at GBCORP Tower, Bahrain Financial Harbour yesterday.
The event was held under the patronage of Central Bank of Bahrain (CBB) Governor Rasheed Al Maraj, who noted that the launch of the company was testimony of Bahrain's strong economy.
"Bahrain manages to attract and will continue to attract financial institutions to the country," he told members of the Press at the launch.
"Last week we also had the launch of the Bahrain-Malaysian joint venture investment company.
"We think because of the diversity of financial services in Bahrain we withstood the crises and this gives us hope for the future.
"Bahrain and GCC economies are on a strong footing going forward. During the global economic crises we witnessed a good strength test for our economy and have shown that we will emerge on a much greater footing going forward."
Tadhamon Capital was licensed by the CBB as a category 1 investment company last year and commenced operations during the last quarter of 2008.
It is the first investment company in Bahrain fully owned by Yemeni shareholders and is poised to open the doors to greater two-way investments between GCC and other MENA countries and Yemen.
The opening of Tadhamon Capital offices was attended by Yemeni Ambassador Dr Ali Mansour bin Safa, Tadhamon International Islamic Bank, Yemen (TIIB) and Tadhamon Capital chairman Abdul-Gabbar Hayel Saeed, Tadhamon Capital chief executive officer and board member Waleed Rashdan and Tadhamon Capital board members and leaders in the regional Islamic investment industry.
"We are delighted to be launching Tadhamon Capital's headquarters and first GCC office in the kingdom of Bahrain, which signifies our confidence in Bahrain as the region's principal financial hub, and in the dynamic growth prospects of the region's Islamic investment industry," said Mr Hayel Saeed.
Mr Rashdan said the company had expertise in identifying and evaluating attractive investment opportunities based on a solid understanding of the market, strong fundamental research and analysis, and extensive experience, which it could now offer to local and regional investors.
"We are looking forward to cultivating many new relationships and lucrative investment opportunities for our valued current and prospective clients, whilst ensuring superior returns with well managed risk," he said.
"In this regard, I am delighted to announce that our client assets under our management have already exceeded $400 million.
"The company has a strong pipeline of attractive and well diversified investment solutions in asset management, private equity, real estate, and treasury."
Tadhamon Capital, with a capital of $10m and $400m under management, is a 100pc owned subsidiary of Tadhamon International Islamic Bank, Yemen (TIIB).
Focusing initially on the management of existing assets of its shareholders, the company aims to structure, launch and manage new investments and products across its main business lines which include asset management, private equity, real estate, treasury and wealth management.