>> 06-05-2010

 

Al Salam Bank-Bahrain (ASSB), one of the pioneering Islamic banks in the Kingdom of Bahrain, and Janayen Capital Group Ltd (JCG), owner and operator of worker and staff accommodation facilities, have recently signed a memorandum of understanding (MOU) for the acquisition and development of a workers' accommodation facility in Bahrain. The joint venture, will introduce a new concept of staff, skilled & construction workers' accommodation facilities to the regional emerging markets.

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.

Mr Ibrahim Mardam-Bey, Director and Chairman of Janayen Capital Group, stated: “we are delighted to have teamed up with Al Salam Bank-Bahrain and its professional team and look forward to successfully executing our joint development plans. Janayen Capital Group believes that Bahrain can set a regional example by providing international standards in branded and managed accommodations for the transient worker population.”

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.

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