Al Salam Bank signs key accord
Manama, May 11, 2010
Al Salam Bank-Bahrain and Janayen Capital Group (JCG), owner and operator of worker and staff accommodation facilities, have signed a MoU for the acquisition and development of a workers' accommodation facility in Bahrain.
The joint venture will introduce a new concept of accommodation facilities to the regional emerging markets.
The project, aims to provide better quality accommodation facilities for various worker segments in Bahrain within specifically zoned designated facilities that provide excellent amenities, close to work sites and away from local residential communities.
'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,' said Al Salam Bank-Bahrain executive vice-president and head of Mena Nabeel Al Tattan.
'Identifying residential areas for workers 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,' he added.
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.
'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,' said Janayen Capital Group chairman Ibrahim Mardam-Bey.
'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 project will offer modern, environmental friendly, secured and easily accessible residential units for the growing number of workers in Bahrain.-TradeArabia News Service