| 21 Apr 2008 |
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Noor Islamic Bank Leads Ijara Facility for AIG Global Real Estate
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Dubai: 21 April 2008 - Noor Islamic BankNoor Islamic Bank
PJSC has successfully structured and executed a syndicated Ijara (lease) facility financing the acquisition of prime commercial real estate in Dubai for AIG Global Real Estate, the real estate investment arm of insurance leader American International Group, Inc. (AIG). The transaction, facilitated by Jones Lang LaSalle, one of the world's leading financial and professional services firms specializing in real estate, was underwritten by Noor Islamic BankNoor Islamic Bank. National Bank of Abu Dhabi, as joint lead manager with Noor Islamic BankNoor Islamic Bank, and First Gulf Bank, United Arab Bank, and United Bank LimitedUnited Bank Limited ensured a successful syndication of the financing.
A landmark transaction, this marks AIG Global Real Estate's first investment in the UAE, as well as its first Shari'ah-compliant investment. The proceeds of the five year Ijara financing were used to purchase Emaar Business Park Buildings 2 and 4, two class A office buildings located on Sheikh Zayed Road, Dubai.
Hussain Al Qemzi, Group CEO, Noor Islamic BankNoor Islamic Bank said: "We are committed to providing world-class Shari'ah-compliant solutions for our customers. This highly successful first syndication attests to the strong endorsement of our brand, the leading role NIBNIB can play in supporting the growth of key sectors, and the growing importance and diversification of Islamic finance in the region. The transaction attests to the maturity and experience of NIBNIB's corporate and investment banking teams and is a tribute to AIG Global Real Estate's willingness to innovate."
Ferdinando Scalamandre, Managing Director of AIG Global Real Estate, said: "This is the first of what we expect will be many successful investments in this rapidly developing region. We look forward to working with Noor Islamic BankNoor Islamic Bank
in the future."Commenting on the occasion, Ian Ohan, Head of Investment Transactions, Jones Lang LaSalle MENA, said, "This transaction, between such high-calibre regional and international institutional players, illustrates the opportunity presented by the maturing capital markets in this region. It also highlights the increasing requirement for sophisticated and comprehensive real estate transaction advisory services."
Ahmed Dhaen, Deputy Regional Manager & Head of Corporate Banking Northern Emirates for National Bank of Abu Dhabi added that "NBAD is pleased to be associated with AIG Global Real Estate in this transaction and we look forward to working with them in similar transactions in the future. Our bank's involvement in this acquisition financing once again underscores NBAD's commitment to partner with key investors in the UAE and the region."
Part of American International Group, Inc. and headquartered in New York, AIG Global Real Estate invests in and actively manages real estate for unaffiliated clients and AIG companies around the world. AIG Global Real Estate's property portfolio includes over 53 million square feet of retail, residential, industrial, office and hospitality properties owned, managed, or under development in more than 50 countries.
Having launched its operations on 7 January 2008, Noor Islamic BankNoor Islamic Bank is well on its way to becoming a global icon, transforming the offering and experience of modern Islamic banking to meet the needs of today's consumers.
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Islamic BankFounded in 2006 in Dubai, Noor Islamic BankNoor Islamic Bank
stands as a global icon, transforming the offering and experience of modern Islamic banking to meet the needs of today's consumers. A full service bank, Noor Islamic BankNoor Islamic Bank delivers the broadest range of products for its consumers, with an emphasis on unique and personalised services. Noor Islamic BankNoor Islamic Bank's products and services are governed by a Shari'ah Board, comprising leading Islamic scholars with extensive experience and expertise in legal, financial and banking-related matters. Noor Islamic BankNoor Islamic Bank has 10 branches across the UAE in Abu Dhabi, Al Ain, Dubai and Sharjah. Please visit: www.noorbank.com For more information, please contact:
Ramy El Zein
NoorNoor Islamic Bank
Tel: +9714 4268787
Email: ramy.elzein@noorbank.com
Maliha Aqeel
Jiwin Public Relations
Exclusive Affiliate of Burson-Marsteller in the Middle East
Tel: +9714 3613598
Mob: +97150 6331976
Email: maliha.aqeel@jiwin.ae
Diala Saadeh
Jiwin Public Relations
Exclusive Affiliate of Burson-Marsteller in the Middle East
Tel: +9714 3642199
Mob: +97150 4549895
Email: diala.saadeh@jiwin.ae
© Press Release 2008
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