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Dubai buys energy

Catherine Deshayes

Dubai Investments acquire stake in First Energy Bank...

Dubai Investments, the largest investment company listed on the UAE stock exchange, has acquired a strategic stake in Bahrain-based First Energy Bank, the first Sharia'a compliant bank in the region focused on investment and financial services in the energy sector.

"We see this acquisition as a significant step in expanding our investment horizons within the Arab region," said Khalid Kalban, Managing Director and CEO of Dubai Investments.

"The energy sector is projected to grow dramatically over the next few years, driven by rapid economic development and population growth, and as the energy hub of the world, the Middle East is poised to see a significant rise in demand for investment services focused on the energy sector," Kalban added.

First Energy Bank focuses primarily on the oil and gas, transportation, petrochemicals and power sectors within the energy spectrum.

According to International Energy Agency estimates, £2.5 trillion of new investment will be required globally in the oil sector through 2030, while approximately £2.27 trillion is projected to be invested in the gas sector.

Source: www.selectproperty.com