Emirates Investment Authority's first investment:First Gulf Bank
The Emirates Investment Authority made its first investment in a convertible bonds sale by the First Gulf Bank on July 21, 2008. It is not known how big a stake the EIA took. The chairman of the EIA, Mansour Bin Zayed Al Nahyan is also the Chairman of the FGB and Abdul Hamid Saeed, Board Member of the EIA, is Managing Director of the FBG. Investors at the bond sale included: Mubadala Development Company, Emirates Investment Authority, Abu Dhabi Retirement Pensions and Benefits Fund, Dubai Ventures a member of Dubai Group , Tasameem, Seven Emirates for Investments and International Trading, Capital Investment, Sanabel, Al Ain International Group, Al Nahdha Investments, and Al Tadamoun Investments.
The bonds are set to mature in July 2011, and the interest rate to be paid to the bond holders before conversion into shares is 3 months EIBOR + 1%. The conversion rate has has been calculated at AED28.80. Bonds could be converted into shares after three months from the date of issue at the option of the bank.