Noor Islamic Bank Leads Ijara Facility for AIG Global Real Estate |
|
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.
-Ends-
About NoorNoor Islamic Bank
Founded 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
Zawya is a distributor (and not a publisher) of content supplied by third parties and subscribers. Any opinions, advice, statements, services, offers, or other information or content expressed or made available by those third parties, including information providers, subscribers or other users of the Service, are those of the respective author(s) or distributor(s) and not of the Company. The Company neither endorses nor is responsible for the accuracy or reliability of any opinion, advice or statement made on the Service by anyone other than authorized Service employee spokespersons while acting in their official capacities. The Company is not responsible for any infringement of intellectual property rights or breach of any applicable law or regulation, including regulation in relation to financial services or the distribution of financial products, defamation, data protection, telecommunications (including regulations relating to excessive use, spamming or other abusive activities) or obscene, offensive or illegal content). Under no circumstances will the Company be liable for any loss or damage caused by a member's reliance on information obtained through the Service. It is the responsibility of member to evaluate the accuracy, completeness or usefulness of any information, opinion, advice or other content available through the Service. Please seek the advice of professionals, as appropriate, regarding the evaluation of any specific information, opinion, advice or other content.
Read the full Member Agreement
http://www.zawya.com/legal/NewsLetter.cfm?name=disclaimer
Comment on this article 
Loading ...-
Zawya encourages you to add a comment to this discussion. You agree that when you add content to this discussion your comments will not:
1.1 Contain any material which is libelous or defamatory of any person, is obscene, offensive, hateful or inflammatory or causes damage to the reputation of any person or organisation.
1.2 Promote sexually explicit material, violence, discrimination based on race, sex, religion, nationality, disability, sexual orientation or age or any illegal activity.
1.3 Be made in breach of any legal duty owed to a third party, such as a contractual duty or a duty of confidence.
1.4 Be threatening, abuse or invade another's privacy, or cause annoyance, inconvenience or needless anxiety.
1.5 Be used to impersonate any person, to misrepresent your identity or affiliation with any person, or be likely to deceive any person.
1.6 Give the impression that they represent Zawya.
1.7 Advocate, promote or assist any unlawful act such as (by way of example only) copyright infringement or computer misuse. - The content posted on www.zawya.com is created by members of the public. The views expressed are theirs and unless specifically stated are not those of Zawya. Zawya reserves the right to review all comments prior to posting and edit or delete any contribution, but Zawya is not responsible for and can not be held liable for any content posted by members of the public on www.zawya.com.
- Zawya is not responsible for the availability or content of any third party sites that are accessible through www.zawya.com. Any links to third party websites from www.zawya.com do not amount to any endorsement of that site by Zawya and any use of that site by you is at your own risk.
- By submitting your comment, you hereby give Zawya the right, but not the obligation, to post, air, edit, exhibit, telecast, webcast, re-use, publish, reproduce, use, license, print, distribute or otherwise use your comments worldwide, in perpetuity.
Stories
Companies
| Company Name | Country | Industry |
| Consolidated Contractors Company | Overseas | Construction and Design |
| Saudi Binladin Group | Saudi Arabia | Construction and Design |
| Saudi Telecom | Saudi Arabia | Telecommunications Services |
| Saudi Electricity Company | Saudi Arabia | Electric Utilities |
| Zuhair Fayez Partnership Consultants | Saudi Arabia | Construction and Design |
| Ministry of Health - Saudi Arabia | Saudi Arabia | Ministries and Municipalities |
| Qatar Engineering and Construction Company | Qatar | Construction and Design |
| Hyundai Engineering and Construction Company - Saudi Arabia | Saudi Arabia | Construction and Design |
| Nissan Motor Egypt | Egypt | Transportation Products |
| Almarai Company | Saudi Arabia | Food |
Projects
| Project Name | Country | Sector |
| ADNOC/ConocoPhillips - Sour Gas Fields Development - Shah Field | UAE | Oil and Gas |
| ENEC - Nuclear Power Plant | UAE | Power and Water |
| Takreer - Ruwais Refinery Expansion | UAE | Oil and Gas |
| SATORP - Jubail Refinery and Petrochemical Complex | Saudi Arabia | Oil and Gas |
| Aramco/Dow Chemical - Ras Tanura Integrated Refinery and Petrochemicals Complex | Saudi Arabia | Oil and Gas |
| Abu Dhabi Ports Company - Khalifa Port and Industrial Zone (KPIZ) | UAE | Infrastructure |
| IGD - Gasco - Habshan 5 Gas Processing Plant | UAE | Oil and Gas |
| Qatar Foundation - Sidra Medical and Research Center | Qatar | Real Estate |
| Emirates Aluminium (EMAL) - Smelter Complex - Phase 1 | UAE | Industry |
| Abu Dhabi DOT - Abu Dhabi Metro | UAE | Infrastructure |