First Energy Bank has announced its profits rose to US$14.2 million in 2009, while total revenues increased to $47.41 million and total assets to $1.233 billion.
The bank, which was established in 2008, has a number of investments in the energy sector and in particular oil and gas.
“The coming year is looking like it is going to be ripe with potential investment opportunities in the energy sector, especially with regards to renewable energy, oilfield services, and the multitude of energy-related businesses. We are well placed to continue taking advantage of these opportunities and look forward to another bright year,” Esam Yousif Janahi, chairman of First Energy Bank commented.
“Last year, FEB entered the alternative energy sector with the launch of Saudi Polysilicon, the largest polysilicon production facility in Saudi Arabia and the Middle East. This project was launched in partnership with Saudi Project Management and Development Company, and represents a major investment aimed at developing the alternative energy industry in the region,” he added.
In 2009 FEB secured a significant stake in the Al Dur Independent Water and Power Production Plant, one of the biggest in Bahrain.
