Arab National Bank : Inks an SR 90 Million Islamic Finance Agreement with Jenan Real Estate Company
03/12/2012| 06:36am US/Eastern
Recommend:
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".
Recommend :
