MANAMA, 21 October 2003 — Shamil Bank has signed a SR1 billion memorandum of understanding with Saudi Amjad Holding, a renowned business group in Saudi Arabia, at a ceremony held at Burj Al-Arab hotel in Dubai yesterday.
According to the MOU, Shamil Bank will be the investment managers for the Saudi Amjad Holding’s Musahama for its prestigious Meridien Residential Towers project in Makkah. Saudi Amjad Holding will be responsible for the construction and management of the project.
Saudi Amjad Holding is one of the largest real estate development companies in the Kingdom. In addition to other group business activities, the company is the exclusive concessionaire for transportation services at the major airports in the Kingdom. The group has also successfully completed the development of the Meridien Hotel in Makkah recently.
Shamil Bank will manage funds, ranging from SR850 million to SR1 billion, from Musahama participants which will be employed for the project according to the terms and conditions of the Musahama agreement and reviewed by the consultants to be appointed by Shamil Bank. The bank will also have the advantage of facilitating sizable trading transactions i.e. letters of credit etc. for the contractor’s suppliers.
According to Shamil Bank chief executive, Dr. Said Sa’ad Al-Martan, the bank is in a strong position more than ever to put to use its regional business experience of more than two decades for the benefit of its clients.
