Published: 2009/08/28
CIMB Islamic Investment House (CIMB Middle East), the investment banking arm of the CIMB Group in the Middle East, has been hired to advise on a tie-up between Bahrain-based Al Salam Bank and Perbadanan Tabung Amanah Islam Brunei (TAIB).
Al Salam and TAIB are working on a Mecca real estate project known as Burj Al Safwa Tower, a residential and commercial tower near the Grand Mosque's King Abdul-Aziz Gate.
CIMB Middle East had earlier advised Al Salam Bank to sell its 50 per cent stake in Burj Al Safwa to TAIB.
CIMB Middle East is a 50:50 joint venture between the CIMB Group and the Kanoo Group, a Bahrain-based diversified business conglomerate.