Janayen Capital Group, owner and manager of worker and staff accommodation facilities, said it has secured a Dh153 million ($41.6 million) Ijara financing, its second fund, from Noor Islamic Bank (NIB).

Dubai-based Potentia acted as corporate finance advisor on the transaction.

Janayen has been increasingly active in the worker and staff accommodation market segment in the UAE, with plans to expand into other GCC markets. Janayen Management, a wholly-owned subsidiary will manage and operate the facilities.

Janayen was established by Siraj Capital and Al-Aoun Capital Group as part of a long term strategic plan to focus on this emerging asset class by developing branded worker and staff accommodation facilities throughout the Mena region.

These facilities are designed to provide higher quality living accommodations for the growing number of blue collar workers living in towns and cities within emerging markets.

Janayen facilities conform to international standards of safe and comfortable living environments with ready access to public transport and supporting amenities. The facilities are built to a high standard of building and occupancy codes and provide basic and recreational services to all workers.

The CEO of Siraj Capital, and chairman of Janayen Capital Group Ibrahim Mardam-Bey said: 'Our ability to continue our focus on this asset class and to close this financing during this turbulent credit period is a testament to NIB's market leadership and to the growing importance of this new asset class.

'We are actively reviewing opportunities in other regional markets and will soon be announcing a new and exciting initiative in Saudi Arabia,' said Mardam-Bey. - TradeArabia News Service