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Dubai: The Shefa Healthcare Fund, Injazat Capital's $100 million Sharia compliant venture fund, has signed a landmark agreement with Saudi Health Investment Company (SHIC) under which SHIC will invest $37.5 million in private equity capital into the Fund and gain three seats on its board of directors. The agreement was signed between Hussein Rifai, managing director of Injazat Capital, a leading Middle Eastern Islamic investment bank, and Dr. Mohammad Amin, CEO of SHIC. Shefa Healthcare Fund has also entered into a tie-up with a prominent Saudi group, Al Mashafi Group of Hospitals, gaining a majority stake in two of the group's hospitals in exchange for stock that it hands to Al Mashafi Group. CBI says net profit up 25% to Dh52m
Dubai: Commercial Bank International said yesterday its net profit in the first quarter to March rose 25 per cent to Dh52.3 million from Dh41.8 million in the first quarter last year. Net interest income and other operating income rose 19.8 per cent in the quarter from last year while total assets climbed 67.6 per cent. The bank said it had an unrealised loss of Dh16.3 million in the first quarter of 2006 from its stock market investment portfolio of Dh68.6 million, reflecting the general conditions of the stock markets. The bank had a realised profit of Dh168 million in 2005. First draw to be held on Saturday Dubai National Bonds Corporation (NBC) yesterday announced that the first National Bonds draw will be held on Saturday at Dubai Financial Market at 7pm. The draw, which will be attended by official dignitaries, will see NBC award prizes to lucky bond holders worth a staggering Dh4 million. While there can only be one millionaire winner, NBC will give away a total of 16,318 prizes to randomly selected bond holders. Sama appoints Lagoons manager Dubai: Sama Dubai, the real estate investment and development arm of Dubai Holding, announced yesterday that it has appointed Abdul Salam Al Merri as the General Manager for The Lagoons project as part of the company's policy to hire qualified nationals. In his new capacity, Almarri will be in charge of managing and supervising The Lagoons project.
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