01 April 2012

JENAN Real Estate Company has won a SR90-million ($24 million) loan from Arab National Bank (ANB), which is expected to give a fillip to its development projects, the key among them being the Al Nawras Village project dedicated to Saudi Aramco employees.

The Islamic finance agreement was signed by Jenan Real Estate Company chairman Abdulmohsen Al Rashed and ANB’s CBG (consumer banking group) regional head Amer Al Sayyar in the presence of Jenan managing director/chief executive officer Bassam Boudi and Francois Meurville and Lotfi Bukhamseen from ANB. The agreement came as the company plans to launch one of the largest tourism projects – the Lagoona Villas, which is part of the 2.8-million-sq-m Dana Bay project.

Jenan is currently developing Al Nawras Village under an agreement with Saudi Aramco, involving the construction of 228 villas for the state-owned oil company’s employees in Dammam. Boudi revealed that Jenan has succeeded in selling the entire project, which is now in the final stages of infrastructure development. “The handover is expected to be completed by the end of 2013,” he said.

Al Sayyar said: “The agreement reflects the trust Jenan has earned in this vital sector, and the recognition it has won especially for landmark projects like Al Nawras Village. It also reaffirms the willingness of financial institutions such as ANB to support real estate development projects that are transparent and have sound attributes.”

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