Al Salam, Janayen in staff housing deal
Manama, May 6, 2010
Al Salam Bank-Bahrain (ASSB), a leading Islamic bank, and Janayen Capital Group (JCG), owner and operator of staff lodging facilities, have signed a joint venture to acquire and develop accommodation facilities for workers.
The project aims to provide better quality accommodation facilities for various worker segments in Bahrain within specifically zoned designated that provide excellent amenities, close to work sites and away from local residential communities.
“We are pleased to sign the memorandum of understanding with Janayen Capital Group for they are known in the market for their extensive experience in managing and operating workers' accommodation facilities,” said Nabeel al Tattan, executive vice president - head of Mena, Al Salam Bank-Bahrain.
“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,” 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.
Ibrahim Mardam-Bey, director and chairman of Janayen Capital Group, said: “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 will offer modern, environmental friendly, secured and easily accessible residential units for the growing number of workers living in Bahrain, a statement said. – TradeArabia News Service