AIG to sell Private Bank to Aabar Investments WASHINGTON - US insurance giant American International Group, which was partly nationalized in September, said Monday it had agreed to sell its Switzerland-based AIG Private Bank to an investment firm in Abu Dhabi. Aabar Investments PJSC will buy the wholly owned AIG subsidiary for 307 million Swiss francs ($254 million), an amount subject to adjustments, the Abu Dhabi-headquartered firm said in a separate statement. Under the deal, Aabar will assume Private Bank loans up to 100 million Swiss francs ($83 million). The companies said that upon completion of the transaction AIG Private Bank would become an independent financial institution headquartered in Switzerland, with branches in Hong Kong, Shanghai, Singapore and Dubai. The bank will operate under a new name and will continue to focus on providing wealth management services to clients in Switzerland, Western and Eastern Europe, Asia and the Middle East. – Agencies BNP Paribas fund forum JEDDAH - For the second consecutive year, BNP Paribas has shown its support for the growing funds management and securities services industry in the Gulf countries by acting as lead sponsor at the Middle East's annual Fund Forum. The event took place between 1 to 4 December at the Gulf Hotel, in Bahrain The 2nd Annual FundForum Middle East 2008, was yet again another opportunity for BNP Paribas to demonstrate its strong commitment to the development of asset management and securities services in the Gulf countries. The globally recognized investment forum brought together 500 delegates from around the world including, government officials, CEOs, senior global fund managers, fund buyers, investment managers, private bankers and institutional investors. “We had a very positive response from our lead sponsorship of last year's 1st Annual Fund Forum and we are very pleased to be the lead sponsor again for the second year for this excellent event that has brought a large number of local and international market players together. This is an opportune time for us to reaffirm our commitment in the region, as we have high expectations regarding the growth of the fund management and securities services industry in the Gulf countries, and we are well positioned regionally to provide our expertise.” said Tariq Al-Samahiji, CEO of BNP Paribas Investment Partners - MENA. BNP Paribas Group, a European leader in banking and financial services, with a presence in more than 85 countries including the US and Asia, has a long standing commitment to the Middle East offering a wide selection of banking services to the region. The bank has been operating in the Gulf countries for over 35 years with a presence in: Bahrain, United Arab Emirates, Qatar, Kuwait and Saudi Arabia. – SG Solanki real estate debut DUBAI - Solanki Holdings, a UAE-based conglomerate, has announced its newest company, Solanki Real Estate, which has planned an investment of AED12 billion in the sector. The flagship venture is a premium development on Ras Al Khaimah's scenic Al Marjan Islands worth AED9 billion. The community will comprise of residential villas and apartments, commercial property and hotels. It will also include an elaborate shopping mall, with various entertainment options and retail offerings at par with those in Dubai. The development is a part of the initiative by the group to extend the scope of medium to high-end properties offered in the country to the Northern Emirates. Despite the current crisis faced by the real estate market, the team at Solanki holds confidence in its choice of time to launch, and believes that this community will have an edge over other available properties. Business activity has been on the rise, with the RAK Free Trade Zone being one of the fastest growing free trade zones in the country. The IT Park and the Media Free Zone and Film City have attracted ample investment from other emirates and abroad, having served as more cost effective alternatives to Dubai's Internet City.
