The loss follows a steady slide in net profit and gross premiums in the previous two years. Arig also announced the appointment of German Udo Krueger as the group's new CEO, effective from June 1. The announce-ment follows the successful acquisition in December 1998 of Arab Islamic Bank which was the first merger within the Islamic banking community in the Middle East. The deal comes after Al Ahli Commercial Bank of Bahrain and United Bank of Kuwait, a London-based consortium bank, in December also agreed to merge. The two companies will set up an offshore banking unit in Bahrain which they will merge into.
Home grown institutions produce some enviable results, too.
ABC is set to create ABC Securities, an Egypt-based investment bank, later this year. One of the foremost business success stories based in Bahrain is Investcorp, the global investment group. Last year was also Investcorp's busiest for its real estate division with 27 acquisitions and one divestiture. The most comprehensive survey of executive salaries in the region. The latest ranking of the Gulf's best business cities, based on their economic weight and their importance as centres of international business.