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  1. #15
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    KUWAIT, July 1, 2007: Islamic lender Kuwait Finance House (KFH) said yesterday a high-level delegation would travel to Algeria to evaluate investment opportunities. KFH said in a statement the delegation, including Chairman Badr al-Mukhaizeem, would hold talks with government officials in the north African country to search for investment opportunities. It gave no further details. Kuwait daily Al-Rai said KFH plans to set up a lender in Algeria with a capital of up to $200 million, without saying how it obtained the information. KFH's General Manager Mohammad al-Omar told Reuters on June 18 KFH was setting up a unit in Morocco to tap north African markets as parts of an expansion.


  2. #16
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    KUWAIT, July 1 (KUNA) -- A delegation representing Kuwait Finance House (KFH) currently visiting Algeria headed by KFH Board Chairman Bader Al-Mukhaizeem is set to meet with senior Algerian officials during the four-day visit.

    A statement by the Algerian Ministry of Industry and Promotion of Investments Sunday said the 13-member KFH and businessmen delegation represents tourism, real estate, trade, and banking segments of the Kuwaiti market.

    The delegation is to meet senior officials topped by Algerian Minister of Industry and Promotion of Investments Abdelhamid Temmar, Minister of Urban Planning, the Environment, and Tourism Cherif Rahmani, Housing and Urban Development Minister Noureddine Moussa, and Governor of the Central Bank of Algeria Mohammed Laksaci.

    The visit is a follow-up effort after an earlier visit by a delegation from the Kuwaiti Chamber of Commerce and Industry in the first week of May, the statement said.

    Meanwhile, KUNA sources indicate that KFH, which operates in Islamic Banking and financial services in several countries world wide, is to file a request for accreditation with the Central Bank of Algeria in order to open branches in the North African Arab country.


  3. #17
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    ALGIERS, July 2 (KUNA) -- A current visit by a delegation of Kuwait Finance House (KFH) is aimed at opening a branch of the bank in this north African Arab country, the KFH managing director said on Monday.

    Badr Al-Mukhaizeem, also a member of the board of the Kuwaiti Banks Federation, told KUNA that the delegation would seek approval of the the governor of the Central Bank of Algeria, at a meeting due later today.

    The branch bank capital will not be less than 100 million US dollars, he said.

    But Al-Mukhaizeem indicated that the delegation was also interested in exploring potential investment opportunities in the country, namely in the banking, technological, health and aviation sectors.

    He indicated that the nature of the current mission is identical and related to a visit, paid by a delegation of Kuwait Chamber of Industry and Commerce on May 1.

    The KFH, founded by the late Amir Sheikh Jaber Al-Ahmad Al-Sabah some 30 years ago, has investments estimated at more than $US 30 billion.


  4. #18
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    ALGIERS, July 4 (KUNA) -- The visit made to Algeria by Kuwaiti businessmen and investors led by Kuwait Finance House (KFH) Board Member and Managing Director Bader Al-Mukhaizeem comes within efforts to promote Kuwaiti investments in Algeria, Kuwait's Ambassador to Algeria Shamlan Al-Roumi said.

    At a dinner banquet last night held in honor of the visiting Kuwaiti delegation, Al-Mukhaizeem told KUNA these efforts come in line with the directives of Deputy Prime Minister and Foreign Minister Sheikh Dr. Mohammed Al-Sabah Al-Salem Al-Sabah to activate economic diplomacy.

    He said economic diplomacy has become in the past few years one of the priorities of Kuwait's foreign political strategy, especially in relation to the exchange of visits by economic delegations.

    Al-Roumi said the upcoming period will witness the launch of many Kuwaiti investments in Algeria which will be distinguished among Arab and foreign investments.

    The banquet was attended by Kuwait's embassy staff member Adnan Al-Ateeqi, the advisor of Algeria's president Mohammed Ali Bughazi, and the general director of investments and foreign economic relations at the Ministry of Industry and Promotion of Investments, Hmoud bin Hamdin.

    At the end of the ceremony, Al-Roumi presented to Al-Mukhaizeem an Arab sword memento in appreciation of his efforts.


  5. #19
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    ALGIERS, July 4 (KUNA) -- A visiting Kuwaiti banker here Wednesday commended his meeting with top Algerian banker Mohamed Laksassi as "fruitful".

    Badar Al-Mukhaizeem, member of the board of the Union of Kuwaiti Banks and managing director of the Kuwait Finance House (KFH), said during the meeting with Laksassi, governor of the Central Bank of Algeria, the Kuwaiti bank team was briefed in details on the level of banking services in Algeria.

    Laksassi also kept Al-Mukhaizeem posted on bank registration requirements and conditions in order to establish a KFH branch in Algeria, he told Kuwait News Agency (KUNA).

    To have a new office in Algeria, the KFH has to carry out many relevant economic studies and plans and obtain the approval of several Kuwaiti bodies, including the Central Bank of Kuwait (CBK), he said.

    The project has won the approval of the top Algerian banker, he said, hoping that the KFH was very ambitious about investment in several fields in Algeria.

    The visit by the 13-businessmen Kuwaiti team to Algeria is a major step towards a further promotion of Kuwaiti-Algerian economic and financial relations, Al-Mukhaizeem added.

    During their stay in Algerian, the Kuwaiti delegation also met with several Algerian ministers and senior industrial and investment officials, including the ministers of housing, tourism and environment.

    At the meeting with the Algerian ministers, the Kuwaiti team said the KFH was planning to set up many projects that could widen the horizon of development in Algeria, he said.

    The Kuwaiti delegation is expected to wrap up the four-day Algiers visit Wednesday evening.


  6. #20
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    KUWAIT, July 7, 2007: Islamic lender Kuwait Finance House has appointed KPMG consultants to advise it on launching a sharia-compliant bank in Algeria, a newspaper on Saturday quoted the KFH chairman as saying. KFH would decide based on a study by KPMG on the capital and strategy of its planned Algerian bank, Al-Qabas quoted KFH Chairman Badr Al-Mukhaizeem as saying. He added KFH needed approval by the central banks of Kuwait and Algeria to open such an Islamic bank which would be fully owned by the Kuwaiti lender. A top KFH delegation visited Algeria last week to search for investment opportunities in the north African country.


  7. #21
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    ALGIERS, August 28, 2007 (KUNA) -- Kuwait's ambassador to Algeria Shamlan Al-Roumi Tuesday commended Algerian authorities for extending facilities to Kuwaiti businessmen wishing to invest in the North African country.

    Al-Roumi, in a meeting with President Abdulaziza Bouteflika marking end of his tenure, said the facilities encouraged many Kuwaiti companies to invest in Algeria.

    These facilities, he said, reflected the development of the Kuwaiti-Algerian relations in economic and political domains in particular.

    Al-Roumi said Kuwait would be carrying out many economic ventures in Algeria that would serve sectors of tourism, banks and services.


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