Avicenna makes four major investments in Iraqi Companies, 19 November 2010

19:11:10_Press Release – Avicenna makes four major investment in Iraqi companies

Avicenna Capital has made further significant investments in acquiring major stakes in four Iraqi companies.

The investments in the Gulf Company for Insurance and Re-insurance (Iraq), Al-Qimma Financial Investment (Iraq), Al-Sadoon Stock Brokerage (Iraq) and Magnolia Aviation (Iraq) adds to Avicenna Capital’s existing portfolio, which ranges across the financial services, oil and gas, building materials, pharmaceuticals and mining in emerging and frontier market sectors.

Avicenna Capital’s Managing Director, Huseyin Gun, commented: “as one of Iraq’s leading private investors, I am pleased that these investments will add to our record of direct investment that will be the building blocks of the Iraqi economy. We have a proud record of using our internal skills to identify strategic market opportunities, leveraging strong global strategic relationships to add value to these Iraqi companies and contribute to the growing strength of the Iraqi economy”. Iraq is a unique destination for investors as it possesses most of the necessary elements required for balanced economic growth, including but not limited to abundant natural resources, water, land and people.

He continued: “With these major investments in Gulf Company for Insurance and Re-Insurance, Al-Qimma Financial Investments, Al-Sadoon Stock Brokerage and Magnolia Aviation, Avicenna has both broadened and deepened its involvement in Iraq’s developing strengths in insurance, investment, stock brokerage and aviation markets, demonstrating that Iraq is an attractive location for economic growth and investment opportunities”.