VOL. XLVII

No 09

01-March-2004

REGIONAL BANKING

Addax Investment Bank Targets Iraqs Real Estate, Construction Sectors

Bahrain-based Addax Investment Bank announced on 23 February that it was planning to raise $200mn to launch two companies targeting Iraqs real estate and construction machinery sectors. Addax was set up in October by Kuwaiti and Bahraini businessmen and focuses on opportunities in Iraq. According to Addaxs Iraqi-born vice chairman, Salih al-Pachachi, the bank will approach Gulf...