CIMB Islamic to advise on Makkah project

Published: 2009/08/27

CIMB Islamic Investment House BSC (CIMB Middle East) has been appointed advisor for a strategic partnership between Bahrain-based Al Salam Bank and Perbadanan Tabung Amanah Islam Brunei (TAIB) in a Makkah real estate project known as Burj Al Safwa Tower.

Burj Al Safwa is an Islamic architectural masterpiece that comprises a residential and commercial tower strategically located just metres away from the Grand Mosque''s King Abdul-Aziz Gate in Makkah.CIMB Islamic chief executive officer and director of CIMB Bahrain Badlisyah Abdul Ghani said the advisory mandate clinched by its Bahrain office was important to the CIMB Group."It's a clear indication of the trust placed in CIMB's cross border capabilities to bridge the Middle East and the Far East markets.

"Our established local presence in the Middle East and strong distribution network in Asia enables us to be effective intermediaries in this project which involves an investment in Saudi Arabia, a seller from Bahrain and a buyer from Brunei.

Badlisyah said its investment banking arm in the Middle East had advised Al Salam Bank in the placement of its 50 per cent stake in Burj Al Safwa to TAIB.The placement led to the establishment of a strategic partnership between Al Salam Bank and TAIB in Makkah, one of the most stable and lucrative real estate market in the world. -- BERNAMA