Kuwait Finance House (KFH) has announced a $275 million investment in Hong Kong-developer Nan Hai's Peninsula project. Located in Shenzhen, the property development investment is part of the Islamic bank's strategy to expand its presence in East Asian markets.
The largest Kuwaiti bank by market value, KFH announced over the weekend that it will invest in the $3 billion Peninsula project through its Asia Fund 2.
The Peninsula project is a five-phase, 300,000 square metre development by Nan Hai. Adjacent to Shenzhen's Western Passage border crossing with Hong Kong, the Peninsula is expected to benefit from its location along major transportation routes between the Mainland and Hong Kong. The first phase opened in 2006.
KFH first expanded into East Asia in 2006 when it opened KFH (Malaysia). Its expansion into China reflects KFH chairman and managing director Bader Abdul Muhsen Al-Mukhaizeem's belief that East Asia is "the region with the most promising markets in the world and the highest growth potential and the best investment opportunities".
Since 2006, KFH has invested in projects in China, Indonesia, Malaysia, Singapore and South Asia.