Bahrain-based First Energy Bank is looking to invest $400 million (Dh1.46bn) in energy projects in the Middle East and North Africa (Mena) this year and is considering issuing Islamic bonds, a company executive said yesterday. The bank is working to close at least seven projects, up to five in exploration and production and two more in the power sector in the Mena region, M Hidayathullah Baig, its head of Islamic finance and advisory, said. "We plan to invest at least $400m this year," Baig said, adding that the bank was allocating between $50m and $100m per project. Baig said the bank is mulling the launch of a number of new products, including an energy fund and a sukuk issue for its projects like Menadrill. Announcements would be made in the next two quarters and the bank could issue a sukuk bond for projects like Menadrill, its first investment, which has ordered two jack-up drilling rigs worth $400m scheduled for delivery by the end of 2010. Keep up with the latest business news from the region with the Emirates Business 24|7 daily newsletter. To subscribe to the newsletter, please click here .