Al Khaleej Development Company (Tameer) announced its official transformation into Inovest, a Bahraini-based Sharia-compliant investment company.

Company vice-chairman and managing director Ahmed Rashid Al Qattan said the transformation comes as fulfilment of Tameer's commitment to growth and development.

'This step enables access to a wider range of investment sectors as well as projects of global presence,' he told a Press conference at the Ritz-Carlton Bahrain Hotel and Spa.

'The establishment of Inovest supports the exploration of new opportunities within more diversified business fields,' he said.

'With this move, Tameer is also simultaneously being re-established, under a new structure, as a wholly owned real estate dedicated subsidiary of Inovest.'

He said the new start will help Tameer further pursue its real estate-based activities, fostering its core activities and realty vision, though under a new legal structure, transforming from a listed shareholding company into a closed one that is subordinated to Inovest.

'Inovest is gearing up to play a leading role in investment markets, supported by growth foundations that have a proven track record, a robust business model that is supported by sound business and risk practices, as well as already existing prospects in unique and diversified revenue streams,' he said.

'On a functional level, Inovest's business lines will be divided into private equity, investment, real estate and wealth management.'

He said the company is aiming to be active in sectors such as alternative energy, agriculture, information technology and oil and petroleum amongst others.

He also spoke about Tameer's performance and financial results since inception in 2002, especially in the light of the impact that the financial crisis has had on corporate counterparts.

He attributed much of Tameer's success to the value, importance and quality of the landmark projects it had introduced so far, pointing out that many of the company's key projects had been met by immediate interest and resulted in profitable results for investors and stakeholders.

Al Qattan said that Tameer's projects had 'gained the Bahraini government's support leading to the establishment of highly appreciated and valued joint partnerships with the public sector.'

'Amongst Tameer's project portfolio are projects such as Bahrain Investment Wharf, Durrat Marina, Tala Islands, Adhari Amusement Park, BIW Labour Accommodations, Al Dannat Resort, BIW Business Park and Saar Villas.'

Highlighting the essence of this transformation, Inovest chief executive officer Dr Khalid Abdulla said the context for Inovest's creation was 'the drive for an already successful entity to meet and cultivate new investment opportunities that provide an entirely innovative and more diversified platform for achievement and risk distribution in the future, especially in light of today's financial crisis.'

Revealing the corporate identity for Inovest, Dr Abdulla said the company aims to be a benchmark for generating innovative investment opportunities, consistently delivering profitable and value-adding ventures to all stakeholders in a Sharia-compliant manner.-TradeArabia News Service