First Energy Bank acquires a 9% stake in Al Dur
Islamic finance house ploughs US $50mn into landmark utilities project
Bahrain’s First Energy Bank (FEB), the world’s first Islamic investment bank, has secured a 9% stake in the Al Dur IWPP, amounting to an investment of US $50 million.
The $2.2 billion Al Dur development is on track to reach completion by the summer of 2011. It will provide 1234MW of power and 48 million gallons of desalinated water a day.
“Representing a soloution to the rising demand of both water and electricity in the Kingdom, the Al Dur water and power production project is a prime example of the nature and scope of investment we are looking for,” said Mohamed Ghanem, FEB’s deputy CEO and chief investment and business officer.
“With an investment of $50 million, we are one of five new Bahrain-based shareholders to enter into the project, and are very excited about the opportunity.”