A company executive from Gulf Finance House, the Islamic investment bank based in Bahrain, has announced that the company wants US$600 million to invest in new energy projects, according to the news gathering agency Reuters. Â
Speaking at the Reuters Islamic Banking and Finance Summit in Bahrain, Nabeel Kazerooni, head of private equity, said that the projects in question were located in Libya and Kazakhstan. Â
“In total for GFH last year we raised $1.8 billion. This year we are already in the market for $600 million, maybe, if we are lucky, this year [it will be] less than $1 billion,” Kazerooni said.Â
Reuters also reported that the money will be split 50/50 between each project. The two projects in question are the $10 billion petroleum related research and education area in Kazakhstan and the $5 billion economic zone for energy companies in Libya. Â
The money being raised is to cover the basic infrastructure Kazerooni said.
