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Bahrain’s IIB to Sell Stake in Saudi Housing Plan, Alwasat Says

International Investment Bank, a closely held Islamic lender based in Bahrain, plans to sell a stake in a housing project in Saudi Arabia, Alwasat reported, citing Chief Executive Officer Aabed al-Zeera.

The bank, which owns 27 percent of the middle-income al-Fareeda project, in the Red Sea port of Jeddah, will start marketing a stake to Saudi investors this year; profit is likely to improve after the sale, al-Zeera told the newspaper.

The project will have cost 2.2 billion Saudi riyals ($587 million) when completed in 2015, Alwasat said.

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