Ahli United Bank announced that its Pan Asian Industrial Fund has completed its initial closing at US$ 186 million. The AUB Pan Asian Industrial Fund has also been secured as a cornerstone investor to the Mapletree Industrial Fund (MIF). MIF is a private real estate fund, managed and sponsored by Mapletree Investments Pte Ltd, an Asia-focused real estate firm in the Temasek group of companies.
Through this association, AUB’s Pan Asian Industrial Fund now offers investors the benefit of tax efficient access to select Asian real estate markets; a region that has some of the world’s fastest growing real estate markets. The Pan Asian Industrial Fund enables Gulf investors to maximize their return on Asian investments, providing them with a solid, high-return and diversified portfolio of real estate assets denominated in US dollar linked currencies.
MIF is focused on investing in manufacturing facilities, business parks, industrial parks, research and development facilities, IT and software parks, and industrial offices in various Asian countries. The key objective of MIF is to tap the shift in production and research and development processes to Asia by creating a diversified portfolio of good quality industrial real estate assets with a stable return profile.
Sawsan Abulhassan, Regional Head of Private & Premium Banking at AUB said, “This Fund has performed exceedingly well raising a record amount of capital commitments from the AUB client base in Kuwait, Qatar and Bahrain as the Fund presents an important asset diversification opportunity in rapid growth markets with US dollar linked currencies.”
Abulhassan added, “Mapletree’s vast experience and presence in the Asian real estate markets will drive the identification and purchase of attractive industry support logistical properties. This investment represents an excellent opportunity for high net worth clients and institutional investors to diversify their portfolios and benefit from the growing and continuing export of industrial production capacity from the OECD to these markets, which will in turn create the necessary demand for the Pan Asian Fund’s logistical support assets and achieve targeted returns. “
In 2006, Ahli United Bank was ranked Best Local Private Bank in the Middle East and Best Private Bank for Real Estate Investment in Bahrain by Euromoney magazine.
About Ahli United Bank
Ahli United Bank B.S.C. is a full-fledged commercial and investment banking institution based in Bahrain providing wealth management, retail, corporate, treasury, offshore and private banking services. It is geared towards growth through the development of a larger client base in the Gulf states and through its close partnerships with customers staff and product providers. The evolution of future mergers and acquisitions in the Gulf region remains central to the Bank’s expansion strategy. AUB reported a consolidated net profit of US$ 164.3 million for the nine months ended 30 September 2006, an increase of 26% compared to the same period last year. As of 30 September 2006, total assets for AUB stood at US$ 19.1 billion (31 Dec 2005 – US$ 13.9 billion)
AUB has an effective holding of 75% share in the Bank of Kuwait and the Middle East (BKME). BKME has a 10% market share in Kuwait. BKME achieved a net profit of KD 31.1 million for the nine month period ended 30 September 2006.
AUB also has a 40 percent share in Ahli Bank Q.S.C. (formerly known as Al-Ahli Bank of Qatar Q.S.C.), a commercial bank in Qatar with an enhanced capital base following the 100 percent participation by AUB in its capital increase. Ahli Bank Q.S.C. achieved a 52.6 percent higher net profit of QR 160.7 million for the nine month period ended 30 September 2006 over the same period in the previous year. AUB has a 10-year management contract with Ahli Bank Q.S.C.
AUB also entered into a joint venture in 2004 with Bank Melli Iran and Bank Saderat Iran to form Future Bank BSC (c), a joint venture commercial bank in the Kingdom of Bahrain, with an equal one-third shareholding. Future Bank was established on 1 July 2004 with a paid up capital of US$ 99 million. Its net profits were US$ 12.7 million for 2005.
In 2005, Ahli United Bank acquired a 49% share in the Commercial Bank of Iraq, a private commercial banking institution established in Iraq in 1992. Since its inception, Commercial Bank of Iraq has performed consistently well and its total assets were ID 156 billion (US$ 106 million) at 30 September 2006 and attained a net profit of ID 1.66 billion (US$ 1.13 million) for 2005.
Ahli United Bank, its associate banks and other Gulf financial institutions together acquired an 89.3% in Delta International Bank (DIB) in August 2006. . Established in 1978, DIB is a full-fledged commercial bank offering retail banking, corporate banking, private banking, project and trade finance and treasury services. Apart from its headquarters in Cairo, the Bank has 18 branches across Egypt. At the end of 2005 the Bank had total assets of £E 3,693 million (US$ 643.4 million and had made profits of £E 139 million ($24.2 million), equating to a return on equity (ROE) of 20 per cent.
In November 2006, AUB was awarded "Global Bank of the Year - Middle East" and "Bank of the Year - Bahrain" by The Banker magazine. AUB was also recognised as the Best Bank in the Middle East and Africa by Global Finance magazine in its 2006 survey of banks in emerging markets and as the Best Bank in Bahrain by Euromoney. Furthermore, AUB’s private banking arm received recognition by being ranked ‘Best Local Private Bank in the Middle East ‘, ‘Best Local Private Bank in Bahrain’ and ‘Best Real Estate Investment Bank in Bahrain’ by Euromoney. Earlier, AUB was also recognised by being awarded the ‘Bank of the Year’ in Bahrain” Bankers Award” in 2004 for the second consecutive year by The Banker.
AUB’s ordinary shares are listed on Bahrain Stock Exchange (BSE) (since August 2000) and Kuwait Stock Exchange (KSE) (since 26 June 2006) and are actively traded. AUB’s Class A preference shares are also listed at the BSE since 20 March 2005.
AUB has been reaffirmed foreign currency long-term rating of A- and short-term rating of A2 with a stable outlook from Capital Intelligence in June 2006 and a long-term rating of A- with a stable outlook from Fitch Ratings in November 2006.
About Mapletree Investments Pte Ltd
Mapletree Investments Pte Ltd is a leading real estate company in Singapore. It has an asset base of approximately S$3 billion comprising office, logistics, industrial and retail/lifestyle properties. Its mission is to be a real estate company with an Asian focus and an ability to structure innovative products to intermediate the need and supply of capital for specialised real estate in Asia.
Its business philosophy is to shape new ways to deliver value to its stakeholders from real estate and related investments. It aims to be a strategic real estate partner providing real estate solutions, including capital management and quality property-related services and products, to its business partners.
Mapletree is the Sponsor for Mapletree Logistics Trust (MapletreeLog), the first Asia-focused logistics real estate investment trust in Singapore. Its wholly owned subsidiary, Mapletree Logistics Trust Management Ltd. is the Manager for MapletreeLog.
