Janayen Management Group Secures Worker Accomodation Finance Facility With Noor Islamic Bank (Dubai)
Dubai, UAE - Mar 23, 2008 (PRN): Janayen Management Group Ltd, (Janayen) owner, operator of worker and staff accommodation facilities, announced today the closing of an Ijara facility, funded by newly established Noor Islamic Bank.
The Ijara facility is part of a long term strategic plan to finance Janayen’s investment strategy targeting the worker and staff accommodations market segment in the UAE, GCC and North Africa. Janayen Management Group was established by Siraj Capital Ltd to develop, own and operate branded worker and staff accommodation facilities throughout the MENA region.
The AED 78 Million facility is for Janayen II, the second in a series of UAE based accommodation facilities being developed and operated by the group. Al-Aoun Capital of Jordan joined Siraj Capital Ltd as an equity investor in Janayen II. Potentia Inc a corporate finance and strategy advisory firm advised on the financing.
Commenting on the agreement with Noor Islamic Bank (NIB), The CEO of Siraj Capital Ltd, and Chairman of Janayen Management Group Mr. Ibrahim Mardam-Bey said: “We have an institutional investment focus on this market segment, so building a long term working relationship with Noor Islamic Bank is a critical step in executing our business plan”
“The rapid infrastructure expansion and mega project development in the region has resulted in an increased demand for worker and staff accommodation. Janayen aims to develop and operate branded accommodations that offer residents improved and environmentally friendly living conditions, and investors a very attractive Shariah compliant alternative asset class ” further commented Mardam-Bey.
Anout Janayen Management Group (Janayen),
Janayen Management Group (Janayen), Janayen Management Group Ltd, (Janayen) is focused on developing, owning and operating worker and staff dorms/facilities in emerging markets. These facilities are designed to provide better quality living accommodations for the growing number of blue collar workers living in boom towns and cities within emerging markets. Janayen strives to associate itself with facilities conforming to international standards of comfortable and eco-friendly living environment with ready access to public transport and supporting amenities. Janayen facilities will adhere to a high standard of building and occupancy codes and provide basic and recreational services to all worker tenants.
http://For more information visit, www.janayen.com
Siraj Capital (SIRAJ), Siraj Capital Ltd is a Shariah compliant investment management company specializing in developing, and sponsoring innovative investment funds, and investment opportunities in the Gulf Cooperation Council (GCC), Middle East and North Africa (MENA SIRAJ is regulated in Jersey (UK), DIFC/DFSA (Dubai), and has offices in the UAE and Saudi Arabia.
Noor Islamic Bank (NIB), is a newly established 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.
Al Aoun, 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, 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.
For more information, contact:
Siraj Capital Ltd.
P. O. Box 506625
DIFC, Gate Village Bldg 4, Level 2
Sheikh Zayed Road, Dubai
United Arab Emirates
Contact: Nick Ahmad
Tel: +971 4 425 – 0685 Extn: 106
Fax: +971 4 425 - 0680
Email: ahmad@sirajcapital.com
