based Ithmaar Bank through its 20 percent stake in Ithraa Capital, a new Saudi-based bank that just received its license last week, is pleased to have its presence in Saudi Arabia. Ithmaar chairman Khalid Abdulla Janahi disclosed at the bank's annual general meeting at the Regency InterContinental Hotel here, that Ithraa Capital has a paid up capital of $400 million. It is also 20 percent owned by the Kuwait Investment Company with the remaining 60 percent held by Saudi shareholders. Janahi said the new bank would be involved in capital markets, assets management, advisory services, underwriting and share trading. The shareholders approved a $53.7 million cash dividend payout for the year ended December 31, as recommended by the board of directors. The bank announced record earnings last month, achieving a consolidated net profit of $188.3 million. “The Ithmaar Banking Group, which Ithmaar Bank heads, was unaffected by the challenging conditions that afflicted global financial markets last year. The bank and all its subsidiaries and associates did exceptionally well, each posting a strong profit and reporting substantial growth,” Janahi said. “Ithmaar Bank will be reinvesting the rest of its profits into augmenting its direct lines of business, launching new products, and further expanding its client base, all with the aim of becoming indisputably the benchmark investment bank, operating globally from the Middle East,” he added. Janahi added that this year will be an important one for Ithmaar Development Company, the development arm of the Ithmaar banking group, as it implements its $3.3 billion projects portfolio. __
