ASBB & JC MoU Signing Ceremoney.
Branded worker and staff accommodations to set a new standard
The project, aims to provide better quality accommodation facilities for various worker segments in the Kingdom of Bahrain within specifically zoned designated that provide excellent amenities, close to work sites and away from local residential communities.
Commenting on the agreement From Al Salam Bank-Bahrain, Mr Nabeel al Tattan, Executive Vice President - Head of MENA said: "we are pleased to sign the MOU with Janayen Capital Group for they are known in the market for their extensive experience in managing and operating workers' accommodation facilities," adding that "identifying residential areas for worker has been an ongoing public concern. We believe that this joint venture will contribute in creating workable solutions to address this issue. This project is an opportunity for Al Salam Bank-Bahrain to cater to the workers' accommodation sector in the Kingdom by offering adequate residential units with integrated recreational facilities."
The recent boom in the Kingdom of Bahrain created high demand for skilled labour. The Project has identified its first potential location in Hidd at Investment Gateway Bahrain with an initial capacity for 10,000 residential units along with recreational and shopping facilities.
The proposed joint venture, the project will offer modern, environmental friendly, secured and easily accessible residential units for the growing number of workers living in Bahrain.
The Janayen 'brand' was first established to capitalize on the increasing demand for quality Guest Worker's Accommodation or "GWA" predominantly in the UAE in 2006 in tandem with the Government's initiative to ensure acceptable international living standards for guest workers. It has since successfully transformed to become owner, operator and manager of five GWA properties able to house more than 5,000 construction, skilled and services guest workers in the UAE.
Tel: +971 4 3388 372Fax: +971 4 3388 379
Al Salam Bank-Bahrain Incorporated on 19 January 2006 in the Kingdom of Bahrain with a paid-up capital of BD 120 million (US$ 318 million), Al Salam Bank-Bahrain B.S.C. commenced commercial operations on 17 April 2006. The Bank operates under Islamic principles in accordance with regulatory requirements for Islamic banks set by the Central Bank of Bahrain.
The Bank's high-caliber management team comprises highly qualified and internationally experienced professionals with proven investment expertise in key areas of banking, finance and related fields. Management and staff are supported by a world-class Information Technology (IT) infrastructure and the latest 'smart' working environment.
Al Salam Bank-Bahrain is committed to adopting internationally recognized standards and best practices and operates with the highest levels of integrity, transparency and trust.
The Bank is equally committed to its role as a concerned corporate citizen, actively seeking ways to contribute and add value to the social and economic well-being of the local communities in which it invests and operates.
For further information, please contact:Suhair Al Ajjawi +973 39912166Adnan Al Shaikh +973 39336900
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