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Aref Investment and Ejarah International sign USD390 million contract

United Arab Emirates: Tuesday, April 15 - 2003 @ 09:42

At a total cost of $390 millions, the contract aims to invest in a new construction project, known as Zamzam Tower.

Representing International Ejarah and Investment Company at the signing ceremony was Board Chairman and Executive Manager Mr. Rashed Al-Hajeri, whereas Aref Investment Group was represented by Board Chairman and Managing Director Dr. Ali Fahed Al-Zumei. For Bin Laden Group, Developer of the project, Chairman Baker Bin Laden was the cosignatory to the contract.

The Contract, singed with Bin Laden Group, aims to invest in the Zamzam Tower, one of Al-Bait Complex towers owned by the Group. The project is located on King Abdul Aziz’s landed estate allocated for serving the two Holy Mosques over a period of 24 Hijri years in accordance with the BOT system. The investment also aims to meet the growing demand for housing units around the Holy Mosque in Kabaa over those years in a manner intended to cater for the strategic interests of the project investors and beneficiaries alike.

The investment involves 31 stories in Zamzam Tower at a total space area of 91326 square meters. The housing units on the Tower, totaling 1457 units, are designed in the best technical fashion. The units will be offered for investment to public investors and individuals to benefit from them based on an Islamic system known as Ejarah deeds which are compatible with Islamic laws and responsive to public needs.

The project is characterized by its unique look onto the Holy Mosque in Kabaa; as 40% of its 1457 housing units face the Mosque; whereas 41% of them directly face the Holy Kabaa.

The project is also characterized by the practicality of its interior designs ( stories, wings, apartments and studio apartments) to meet investors and residents’ requirements. It is equipped with state-of-the-art safety and security system, audio broadcast of azan and Iqama from the Holy Mosque straight to the housing units, an advanced waste-recycling system and a central A/C system.

The project derives importance from a number of factors; mainly:

• Investing companies are amongst the leading Islamic investment companies: International Ejarah and Investment Company with a paid-up capital of $50 millions and an elite shareholders of regional financial companies; such as the Islamic Development Bank and a number of local public and private companies over and above a few foreign companies. The second investor is Aref Investment Group, which has a total capital of KD30 millions and a few local shareholders; such as Kuwait Finance House, Public Authority for Social Security, Kuwait Securities and a few other financial companies.

• The Zamzam Tower project is the first investment project enabling Muslims worldwide to own housing units at its unique location in Holy Makkah based on a unique ownership system, known as Ejarah deeds system.

• At a total investment value of $390 millions, it is considered one of the colossal real estate projects in the Middle East.

• The project will be run by a specialized international hotel managing company to ensure an optimum level of client services.

• Bin Laden Group, project developer, is one of the major contracting companies in Saudi Arabia, having executed a number of projects around the Holy Mosque in Makkah and many other infrastructure projects in the Saudi Kingdom.

• The Zamzam project offers a unique chance to investors interested in entering into short to medium range investment projects in Holy Makkah, which has been proven by economic and real estate studies to be of high-feasibility investment area, due to its religious significance to Muslims around the world. Extensive studies on this type of project have shown that it satisfies all Muslim investors’ requirements and generates excellent revenues.

• Studies have also shown that this type of investment is very convenient for individual investors bearing Ejarah deeds and those who habitually visit the sacred lands stand a very good chance with this project to reduce their annual travel cost and burden to Holy Makkah, whether for Hajj or for Omra. Ejarah deeds bearers can also benefit from these deeds by selling, investing, offering them in gifts or bequeathing them. It is the best way to organize visits to the Holy Mosque.

• The project, whose cornerstone was laid down in December 2002, under the patronage of the custodian of the two Holy Mosques, King Fahd Bin Abdul Aziz, stands on King Abdul Aziz’s landed estate. It consists of four housing towers; namely Safa, Zamzam, Hajar and Al-Marwa. The towers contain 5500 housing units. It also contains four stories with a total space area of 70,000 square meters and a parking lot for 1400 vehicles.

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Tuesday, April 15- 2003 @ 9:42 UAE local time (GMT+4) Replication or redistribution in whole or in part is expressly prohibited without the prior written consent of Mediaquest FZ LLC.

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