Salam to Invest in New Investment Bank in Lebanon, Chief Says

Salam International Investment Ltd., a Qatari construction services provider, plans to establish with other shareholders an investment bank in Lebanon with an initial $13 million capital, its chief executive officer said.

Salam International will participate in the new bank with $3 million, Issa Abdul Salam Abu Issa said in a press conference in Doha today. The Beirut-based lender’s capital may later be increased, he said.

Salam International will also invest as much as 10 million Jordanian dinars ($14 million) for a 13 percent share of a tourism project in Jordan, he said. Salam International said in a statement to the Qatari bourse last month that it had signed an initial agreement to purchase a stake in Al-Tajamouat for Touristic Projects Co. of Jordan.

To contact the reporters on this story: Amir Ibrahim Ali Shabana in Dubai at ashabana@bloomberg.net Nayla Razzouk in Amman at nrazzouk2@bloomberg.net

To contact the editor responsible for this story: Maher Chmaytelli in Dubai at mchmaytelli@bloomberg.net

Press spacebar to pause and continue. Press esc to stop.

Bloomberg reserves the right to remove comments but is under no obligation to do so, or to explain individual moderation decisions.

Please enable JavaScript to view the comments powered by Disqus.