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

Aug. 28 (Bloomberg) -- 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

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