MANAMA: Cassona, a European investment corporation focussed on natural resources, mining and related infrastructure, has announced the establishment of its Middle East office in Bahrain.
The company has appointed Abdullah Hubert Eikel as senior vice-president and director for the Gulf, who will be based at the new office located at the Trust Tower in the Diplomatic Area, Manama. The office is expected to be open for business by the end of this month.
Cassona is readying its first investments in the region's crude oil production industry and related infrastructure projects, with a focus on Saudi Arabia, "the most oil-rich area of the world," officials told the GDN.
The choice of Bahrain as the location of the launch of a regional foray was well-considered, according to the company's executive director Oliver Walangitang.
"Bahrain is business friendly and provides a Western standard from the social point of view as well as concerning legal security and reliability.
"As a location, it is ideal in terms of connectivity as it is centrally located for our contacts in Saudi Arabia, Qatar and the UAE to guarantee permanent availability," he said.
The largest crude oil resources are located in Saudi Arabia, followed by
Canada and the other Gulf countries, a company statement said.
The production and processing of crude oil is the most important economic sector of the region.
By expanding to the Arabian region, Cassona said it is enlarging its focus on deposits in Canada, Russia and Kazakhstan also to the most oil-rich area of the world.
Cassona is a European corporation with domicile in Frankfurt Main.
The shares are listed at the stock exchange GXG Markets and are traded at the open market of Frankfurt Stock Exchange FWB and at Berlin Stock Exchange.