Shamil Bank has signed a one billion Saudi riyal ($266 million) Memorandum of Understanding (MoU) with business group Saudi Amjad Holding. The deal appoints Shamil Bank as the company’s investment managers for the Meridien Residential Towers project in Makkah Al-Mukarramah, Saudi Arabia.
Saudi Amjad Holding will be responsible for the construction and management of the project. Shamil Bank will manage funds, ranging from SR 850 million to one billion riyals, from investing participants, which will be put towards the project according to the terms and conditions of signed agreements and reviewed by the consultants to be appointed by Shamil Bank.
Shamil Bank is incorporated in Bahrain and has a paid up capital of $230 million and assets under management in excess of $2.5 billion. The bank provides a range of products and services that cater to the financing and investment needs of individuals and institutions. It conducts its business in strict compliance with the principles of Islamic Sharia. — (menareport.com)
© 2003 Mena Report (www.menareport.com)
