Arcapita Bank, the international investment firm headquartered in Bahrain, on Wednesday said that it had swung back into the profitability after two challenging years of business.
The bank which held its board meeting reviewed the improving outlook for the bank as the global economic recovery continues.
Arcapita’s Board of Directors, comprising senior representatives of government and business from Saudi Arabia, Kuwait, United Arab Emirates, Qatar and Bahrain, as well as Brunei, met with Arcapita’s senior management team to discuss strategy and future growth plans.
“After two difficult years, Arcapita’s business has moved back into profitability, and we recorded a net income of $34 million in the first 6 months of our current fiscal year. We are very grateful for the support and advice provided by the board throughout the crisis,” said Atif A. Abdulmalik, Arcapita’s Chief Executive.
“Overall, we are observing good momentum throughout our global portfolio of investments. Furthermore, the improvement in the global economy and the high oil price are generating sizable capital flows into the economies of the Middle East, especially into the oil-rich countries of the Gulf. This will provide considerable growth opportunity for Arcapita as we service the investment needs of the growing number of wealthy Gulf-based investors. The Board and the Arcapita management have full confidence that as a result of the vision and leadership of His Royal Majesty King Hamad Bin Issa Al Khalifa, His Royal Highness Prime Minister Prince Khalifa Bin Salman Al Khalifa and His Royal Highness the Crown Prince Salman Bin Hamad Al Khalifa, and the stable regulatory environment assured by the dedication of the Central Bank of Bahrain, Bahrain continues to offer the ideal platform from which to capture the business opportunities emerging in this region.”
Headquartered in Bahrain with offices in Atlanta, London and Singapore, Arcapita’s four principal lines of business are private equity, real estate, infrastructure and venture capital. To date, the Bank has completed 71 transactions with a total value of more than $28 billion and has an equity capital base of $1.1 billion, and $7.7 billion in funds under management. Arcapita’s mission is to provide innovative and distinctive investment opportunities that generate superior risk-adjusted returns while adhering to Islamic principles.