Key operating subsidiaries and associates of IB Capital
Ithmaar Development Company
IDC is a wholly-owned subsidiary of the Group which was established in 2007 with the objective of developing and managing major development, real estate and other infrastructure projects. IDC’s flagship projects include Dilmunia, a 1.25 million square meters manmade island off the coast of Bahrain.
The current strategy of IDC focuses on the infrastructure development relating to Dilmunia project as well as providing development management services to Naseej B.S.C. (c).
BBK is one of the largest commercial banks in Bahrain with a presence in Kuwait, India and the United Arab Emirates. BBK provides a full range of lending, deposit, treasury and investment services, and has established a number of subsidiaries in the areas of brokerage, financial services and credit cards.
BBK’s strategy focuses on growth of its retail banking business through branch expansion in Gulf Cooperation Council and international markets, mainly India.
The total assets and total shareholders’ equity as of 31 December 2017 amounted to US$10 billion and US$1.32 billion respectively.
Naseej is the MENA region’s first fully-integrated real estate and infrastructure development company, encompassing the entire value chain from concept to completion.
Naseej’s core activities comprise design and master planning; development and construction; building components; mortgage facilitation; and asset management. Naseej was established by prominent private and public sector investors to act as a pioneering catalyst for addressing the region’s affordable housing development needs.
Naseej’s strategy focuses on pursuing property development and investment opportunities in affordable housing and retail real estate sectors in the MENA region besides working on the Private Public Partnership Housing Project (PPPHP) in Bahrain. Apart from the PPPHP, Naseej is also involved in major residential projects in Bahrain like Yasmeenat Saar and Jumana.
The total assets and total shareholders’ equity as of 30 September 2017 amounted to US$436 million and US$347 million respectively.
Solidarity Group Holding
Solidarity is one of the largest takaful (Islamic insurance) companies in the region. Solidarity provides general and family takaful products and services. Solidarity operates through subsidiaries in Bahrain, Jordan, and other business interests in Saudi Arabia. Solidarity acquired 71% of Al Ahlia Insurance (one of the oldest & largest insurance companies in Bahrain) in December 2016 and the merger was completed in 2017.
Solidarity’s strategy focuses on providing general takaful services both locally and in key international markets, mainly Jordan and Saudi Arabia.
The total assets and total shareholders’ equity as of 31 December 2017 amounted to US$397 million and US$187 million respectively.
CITIC International Asset Management Limited (CITICIAM)
CITICIAM is part of the CITIC Group, a major diversified financial and investment conglomerate wholly-owned by the State Council of the People’s Republic of China (CITIC group owns 46% in CIAM). CITICIAM’s principal activity is to invest in companies and projects in China and internationally. Established in 2002 to specialise in distressed asset management, the current portfolio of CITICIAM includes direct investments in real estate, high technology, health, retail and industrial projects.
CITICIAM’s strategy focuses on investment mainly in China in environmental, agricultural, natural resources and health sector specifically in SME’s, which are run in line with the state policies and contribute to the socio-economic development of China.
The total assets and total shareholders’ equity as of 30 September 2017 amounted to US$406 million and US$367 million respectively.