Unicorn Earnings Rise to $84.6m


Bahrain-based Unicorn Investment Bank’s earnings rose 32 percent to $84.6 million in the first nine months on the back on a number of groundbreaking transactions. The bank, which achieved a series of notable “business firsts” in 2007, reported net profit of $32.1 million. “Unicorn continued to make good progress in the first nine months of 2007 toward fulfilling its strategic vision. We continue to push back the boundaries of Islamic banking and complete ground-breaking transactions,” said Unicorn Managing Director & Chief Executive Officer Majid Al-Sayed Bader Al-Refai. “The strong performance included the raising of $1.6 billion for a leading residential real estate developer in Saudi Arabia through two landmark sukuk issues.” (Walid Mazi)


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