Arab National Bank Inks an SR 90 Million
Islamic Finance Agreement with Jenan Real Estate Company
3/11/2012

Jenan Real Estate Company executed an agreement with Arab National Bank pursuant to which the Company will secure an SR 90 million in Islamic Finance Facility to finance Company projects, particularly Al Nawras Village Project dedicated for SAUDI ARAMCO employees. Jenan is one of the leading real estate development companies in Saudi Arabia, with a registered capital of SR 475 million. The value of development projects currently in progress exceeds SR 6 billion.

The Agreement was executed by Mr. Abdulmohsen Rl-Rashed - Board Chairma, for Jenan Real Estate Company, and Mr. Amer Al Sayyar - CBG Regional Head, for Arab National Bank. The ceremony was attended by Dr. Bassam M. Boudi, Managing Director/Chief Executive Officer, of Jenan, in addition to Messrs. Francois Meurville and Lotfi Bukhamseen, of Arab National Bank.

Speaking on the occasion, Mr. Al-Rashed stated, "We are proud to team up with Arab National Bank as our partner in success. ANB is one of the top 10 banks in the Middle East, and a key regional player in Islamic Finance".

In turn, Amer Al Sayyar commended the performance and superiority of Jenan Real Estate Company in the property development sector saying, "The agreement reflects the trust Jenan has earned in this vital sector, and recognizes their landmark projects, particularly Al Nawras Village with SAUDI ARAMCO".

Mr. Bassam Boudi, Managing Director & Chief Executive Officer of Jenan was quoted as saying, "While execution of the agreement bears testimony to the solid and resilient standing of Jenan Real Estate Company, it reaffirms the willingness of financial institutions such as ANB to finance real estate development projects subject to availability of adequate data and suitable projects".