BAHRAIN – Leading Islamic bank Khaleeji Bank has been appointed as the exclusive receiving bank for the upcoming IPO of restaurant owner and operator Al Abraaj Restaurants Group.
Khaleeji Bank, in partnership with SICO, is set to launch the Initial Public Offering (IPO) for Al Abraaj Restaurants Group on November 24, 2024.
The offering will run for two weeks, concluding on December 8, 2024. The bank will provide all necessary support for submitting IPO applications, ensuring a smooth and efficient process for applicants.
The IPO marks a significant step in supporting the growth of Bahrain’s restaurant sector and enhances Khaleeji Bank’s role in the country’s financial market. The bank is committed to fostering local business development.
Maitham Abdulhameed, Head of Business Development at Khaleeji Bank, expressed the bank’s enthusiasm for participating in the IPO, emphasizing their dedication to community partnerships.
He noted that the collaboration with SICO and Al Abraaj Restaurants Group reflects Khaleeji Bank’s ongoing commitment to supporting the Bahraini economy and strengthening the financial market.
Ameera Al Abbasi, Head of Retail Banking, highlighted the bank’s focus on providing a seamless customer experience.
She mentioned that Khaleeji Bank will serve as the exclusive receiving bank for the IPO and will guide clients throughout the process. Interested individuals can visit branches at the Bahrain Financial Harbour, Sanad, and Lulu Hypermarket in Hidd, or schedule an appointment via the ‘Skiplino‘ app.
Wissam Haddad, Group Head of Investment Banking at SICO, expressed satisfaction with the partnership, emphasizing the strategic importance of Khaleeji Bank as the receiving bank for the IPO.
He noted that the collaboration demonstrates their mutual goal of offering accessible and effective financial services to both individual and institutional investors.
Hamad Rashid Hilal Issa, Chairman of Al Abraaj Restaurants Group, shared excitement over the IPO, which he sees as a key step in expanding the restaurant and hospitality sector.
He is optimistic that the support from Khaleeji Bank and SICO will aid in achieving the group’s expansion goals in both local and regional markets.
Founded in 1987, Al Abraaj Restaurants Group operates 16 brands across 37 locations and 22 cloud kitchens, employing around 1,200 staff.
The group’s portfolio includes renowned restaurants like Al Abraaj, Bindaira, and YaSalam. Al Abraaj also holds five franchise rights, including three in Saudi Arabia, and plans to expand further in Bahrain and Saudi Arabia.
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