Dr Ahmed bin Hussein Al Dawsary, Chairman of the Board of Directors for Global House, said the group had been studying the Syrian market since the country’s shift to become more open to international investors, for well over a year. Consequently they concluded that it will be feasible for the firm to invest in more than one Syrian city including Damascus, Aleppo, Latakia and others that have started to grow since the opening of its markets.
He added that the creation of an Islamic bank in Syria had for a long time been on the cards for the group, as the country itself is yet to benefit from Islamic finance. He said that many Syrian investors prefer to deal with Islamic banks and organise their finances according to Shariah compliant instructions. He also noted that Islamic banks have the flexibility to adapt to investment initiatives and further encourage Arab and foreign investors to Syria.
He said Global House Group would also be a partner in the new bank which has a declared capital of $ 500 million. Its key shareholders would eventually determine the final amount of the Group’s initial contribution to the scheme, and several banks, a number of large financial institutions from the GCC, and several businessmen from Syria and across the Gulf, have also expressed their commitment to contribute to the bank’s capital.
Global House Group has more than one mammoth project lined up, including real estate developments well over $ 100 million, including a fully serviced city to be announced within the next few months.
Dr Al Dawsary is the Chairman of Board of Directors for United Bank International in Bahrain, one of the world’s biggest Islamic banks with a declared capital of $ 2.5 billion. Under his leadership he led the bank to execute a number of huge projects in Morocco, Europe, Syria and other Arab and foreign countries.
