Kuwait Finance House KFH has announced that it had inked a memorandum of understanding to finance Foulath Holding Company, based in Bahrain, USD 115 mln for a period of 5 years for the purposes of the company and its subsidiaries businesses.
International Banks General Manager at KFH Shaheen Al-Ghanem stated that the deal reflects KFH’s continuity in seizing viable investment opportunities that enable it to avail capitals in vital businesses with high net worth companies. He added that Foulath is the emerging leader in steel industry in Middle East region. Foulath is owned by GIC and Qatar steel Company in addition to the National Industries Group, Gulf Cables and Kuwait Foundry Company.
Al-Ghanem stressed that this finance serves KFH efforts to expand in foreign markets where Foulath owns factories in Bahrain, Saudi Arabia and its businesses cover various countries in the Middle East. Moreover, it is seeking to further boost sales in the Gulf market over the coming period.
He mentioned that KFH’s investment opportunities are scrutinized in accurate framework of Risk Management where KFH tirelessly endeavors to apply them in the banking field through structuring sharia compliant financing and investment products , not to mention, focusing on competition and innovation.
He noted that the growing demand of Islamic financing tools to finance major global projects allows KFH to seize many opportunities to enhance its key role in Islamic finance.
Foulath Company is a leading company in the manufacture of iron and steel in the Middle East, a holding company established in 2008 through a number of strategic shareholders in the region where everyone enjoys a wide experience in the iron and steel industry and other economic sectors. Furthermore, the support provided by the company owners has highlighted its name and cemented its leadership.