Janayen Capital Group secures new AED 153M Ijara financing from Noor Islamic Bank (Dubai), continuing its Worker and Staff Accommodation acquisition strategy |
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Dubai, UAE - October 6th, 2008: Janayen Capital 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)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 Management LLC) a wholly owned subsidiary will manage and operate the facilities.
JANAYEN was established by Siraj Capital LtdSiraj 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)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)Noor Islamic Bank (NIB), The CEO of Siraj Capital LtdSiraj Capital Ltd, and Chairman of Janayen Capital 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 NIBNIB'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: NoorbankNoor Islamic Bank: Noorbank is a UAE Bank dedicated to performance and to delivering superior Modern Islamic Banking solutions to our future clients. NIBNIB 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 Capital Group .JANAYEN is focused on developing, owning and operating worker and staff dorms/facilities in emerging markets. www.janayen.com
Siraj Capital Ltd: SIRAJ)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.
-Ends-
For more information, contact:
Siraj Capital LtdSiraj Capital Ltd.
P. O. Box 506625
DIFC, Gate Village Bldg 4, Level 2
Sheikh Zayed Road, Dubai
United Arab Emirates
Contact: Marisol Luna Avorgue
Tel: +971 4 425 - 0685 Extn: 106
Fax: +971 4 425 - 0680
Email: marisol@sirajcapital,com
© Press Release 2008
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