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News
Janayen Group secures new AED 153M Ijara financing
from Noor Islamic Bank (Dubai), continuing its Worker and Staff
Accommodation acquisition strategy.
October 2008
Dubai, UAE - October 6th, 2008: Janayen Group Ltd, (JANAYEN) owner
& manager of worker and staff accommodation facilities, announced
today the closing of its second Ijara financing funded by Noor Islamic
Bank (NIB). JANAYEN has been increasingly active in the worker and
staff accommodation market segment in the UAE, with plans to expand
into other GCC markets. Janayen Group Ltd a wholly owned subsidiary
will manage and operate the facilities.
JANAYEN was established by Siraj Capital Ltd and Al-Aoun Capital
Group as part of a long term strategic plan to focus on this emerging
asset class by developing branded worker and staff accommodation
facilities throughout the MENA region. These facilities are designed
to provide higher quality living accommodations for the growing
number of blue collar workers living in towns and cities within
emerging markets. JANAYEN facilities conform to international standards
of safe and comfortable living environments with ready access to
public transport and supporting amenities. JANAYEN facilities are
built to a high standard of building and occupancy codes and provide
basic and recreational services to all workers.
The AED 153M Ijara financing is the second facility for JANAYEN
with Noor Islamic Bank (NIB). Dubai based Potentia Inc acted as
corporate finance advisor on the transaction.
Commenting on the agreement with Noor Islamic Bank (NIB), The CEO
of Siraj Capital Ltd, and Chairman of Janayen Group Mr. Ibrahim
Mardam-Bey said: "Our ability to continue our focus on this asset
class and to close this financing during this turbulent credit period
is a testament to NIB's market leadership and to the growing importance
of this new asset class" "We are actively reviewing opportunities
in other regional markets and will soon be announcing a new and
exciting initiative in Saudi Arabia' said Mardam-Bey.
Noor Islamic Bank: Noorbank is a UAE Bank dedicated to performance
and to delivering superior Modern Islamic Banking solutions to our
future clients. NIB is committed to a result-oriented culture with
an aim to compete to be the leading local and regional provider
of modern Islamic financial solutions.
Janayen Group .JANAYEN is focused on developing, owning and operating
worker and staff dorms/facilities in emerging markets. www.janayen.com
Siraj Capital Ltd: SIRAJ) is an investment management group specialized
in developing, and sponsoring innovative investment classes through
funds, vehicles, and investment opportunities in the GCC and MENA.SIRAJ
is regulated in Jersey (UK), DIFC/DFSA (Dubai), and has offices
in the UAE and Saudi Arabia. www.sirajcapital.com
Al-Aoun Capital Group S.A.is an investment company with a diverse
portfolio of international investments in, financial services, Communications,
and Real estate. Al-Aoun Capital Group has offices in Panama City,
Dubai, Amman, and Madrid.
Potentia Inc, Potentia is a unique, client focused financial advisory
boutique based out of Dubai and London. Potentia was incorporated
in the UK in 2000. Since then it has grown its value added Shariah
and conventional financial structuring, modelling, advisory and
brokerage services business in Europe and Middle East.
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