Al Salam, Brunei bank sign Makkah tower deal
Manama, August 18, 2009
Bahrain-based Al Salam Bank, a leading Shari’ah compliant institution and Perbadanan Tabung Amanah Islam Brunei (TAIB), a leading Islamic financial institution, have entered into a strategic partnership on Burj Al Safwa Tower in Makkah.
Al Salam agreed to sell 50 per cent of its 18 years leasehold interest to TAIB through a 50:50 joint venture. The JV will soon appoint a leading hotel operator to manage the Tower as a five-star hotel.
'We at Al Salam Bank-Bahrain are honored to establish a strategic partnership with TAIB and for TAIB’s trust in our bank,” said Nabeel Ebrahim Al Tattan, executive vice president and head of Mena.
“We are confident that our partnership will add value to both organisations’ stakeholders,” he added.
“Al Salam acquired the leasehold interest in Burj Al Safwa in summer 2008 when construction work on the tower was still in progress,” Al Tattan continued. “Al Salam has now taken possession of the tower and jointly with TAIB will soon announce the appointment of our five-star hotel operator.”
CIMB Islamic Investment House Bahrain acted as transaction advisor to the strategic partnership in Burj Al Safwa.
Burj Al Safwa, an Islamic architectural masterpiece, is a residential and commercial tower strategically located meters away from King Abdul-Aziz Gate, the closest point to the Holy Kaabah in Mecca.
The tower comprises of 23 floors structured according to international standards to provide utmost luxury to its guests. It includes 336 residential units, a huge reception hall, along with a floor dedicated as prayer area, which is linked audio-visually to the Holy Mosque.
Another two floors have been allocated for parking which themselves are connected to the Suq’s tunnel and to the other main streets around the Holy Mosque.
The tower also includes a commercial centre and restaurant hall. A total of 12 lifts have been installed in the tower to ease movement in and out of the tower. – TradeArabia News Service
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