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Article: United Gulf plans expansion.(KUWAIT)(United Gulf Bank)(Brief article)
- Article from:
- MEED Middle East Economic Digest
- Article date:
- May 18, 2007
CopyrightCOPYRIGHT 2007 MEED Middle East Economic Digest. All Rights Reserved. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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United Gulf Bank (UGB) is to establish a real estate company in Syria in 2008 and is looking to launch investment firms there and in Jordan.
It is the latest expansion by the bank, which is also setting up investment arms in Tunisia and Abu Dhabi.
UGB estimates profits for 2007 will reach $195 million, almost double its 2006 profits of $101 million. In the first quarter of 2007, profits soared to $115 million, of which $88 million came from the sale of its stake in the local United Fisheries Company and the sale by its parent company, Kuwait Projects Company (Kipco), of its stake in mobile operator ...