Vision 3 Alliance

Mineks has withdrawn from Vision3, the strategic alliance between three major Gulf banks to bring a $9 billion investment trust to Turkey, particularly in the Southeastern Anatolia Project, which hit the rocks when the banks were affected by the continued spiral of the financial crisis.

The water industry and agriculture are emerging as major new asset classes for Islamic financial institutions, especially in the field of sustainable investments.

In August 2008, Ithmaar joined forces with two leading Middle East banks, Bahrain-based Gulf Finance House and Abu Dhabi Investment House, to form Vision 3, an organisation that provides high-value investment opportunities across a range of sectors including food security

Vision3, the promoter of AgriCap, the investment vehicle conceived to invest in visionary initiatives across the agriculture sector in the greater MENA region announced today that it signed a Memorandum of Understanding with the General Directorate of Agricultural Enterprises (TIGEM), a Turkish governmental agency falling under the authority of the Ministry of Agriculture and Rural Affairs.

Bahrain and Turkish trade links took a step closer yesterday with the signing of an agreement for an agricultural project initially worth $0.5bn (BD189 million), rising to $3bn (BD1.13bn) and eventually $6bn (BD2.26bn), said Industry and Commerce Minister Dr Hassan Fakhro at the signing ceremony.

Vision 3, an alliance formed by Gulf Finance House, Ithmaar Bank and Abu Dhabi Investment House, announced the make up of its board at its inaugural meeting yesterday.

Vision3, an alliance of three major Gulf financial institutions, has signed a landmark deal with Turkey paving the way for nearly $9 billion investment in Turkey’s agricultural sector.