BoS to launch $200m fund

Bank of Sharjah (EB FILE)

Bank of Sharjah to launch $200 million (Dh734m) fund in February to tap UAE real estate sector, said Varouj Nerguizian, Executive Director and General Manager.

"We are considering the creation of a $200m fund to invest in the UAE real estate sector. There are a lot of opportunities that are coming up. Prices have become very reasonable and if we buy properties today, we can make a lot of money from it in three to five years' time, he said.

He said: "We had a good quarter. In terms of profit in 2009, we have done 15 per cent more; our deposits went up 20 per cent and advances 11 per cent."

The bank in 2008 posted net profit of Dh410m.

The bank has Dh1 billion exposure in the stock market. It denied exposure to Saudi groups and Damas.

 

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