Gulf consortium invests $172 million in Canada

Tue Oct 14, 2008 4:55am EDT
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KUWAIT (Reuters) - Kuwaiti Islamic investment bank Bayt al-Mal, along with partners, will invest C$200 million ($172.7 million) to build a motor-sport and commercial complex in the Canadian Niagara region, the lender said on Tuesday.

Bayt al-Mal, which is leading a consortium of Gulf investors, has already bought 623 acres of land in Fort Erie, near the U.S. borders for the project, it said in a statement

"This project will generate over C$34 million per year in new tax revenue alone and create over 1,200 jobs," Peter Partington, regional chairman for Niagara region said in a statement. "The region will receive a huge shot-in-the-arm through increased economic development and tourism," he said.

The lender is also considering other investment opportunities in Canada, its Chairman Suleiman al-Qimlas said in a statement.

It did not identify the other Gulf partners.

(For Reuters content on Islamic finance, click on)