Abu Dhabi: Mashreq Bank is looking to finance $11 billion worth of infrastructure, energy, transportation projects this year in the Gulf Coopeation Council (GCC) countries, compared to about $10 billion (Dh36.7 billion) in 2010, Karim Mahmoud, Co-Head of the bank's corporate investment banking group.
Speaking to reporters on the sidelines of the Meed-organised Arabian World Construction Summit, Mahmoud said Mashreq Bank is also looking to finance projects of service companies and companies working in hospitality, health care and retail industries. "We are well-positioned in these segments," said Mahmoud.
He said in 2009 the bank financed $7.5 billion worth of projects and in 2010, $5 billion worth of projects in Abu Dhabi and other parts of the GCC last year.
Profile
Mashreq has 12 offices in nine countries including Europe, US, Asia and Africa. Mashreq reported a 6 per cent increase in its net profit in first quarter 2011 to Dh265.3 million compared to Dh250.8 million for the same period in 2010, on operating income of Dh1.1 billion.
