Noor Islamic fixes ijara for AIG Global

Dubai: Noor Islamic Bank PJSC has structured and executed a syndicated ijara (lease) facility, financing the acquisition of prime commercial real estate in Dubai for AIG Global Real Estate, the real estate investment arm of insurance leader American International Group, Inc. (AIG), a statement said.

The transaction, facilitated by Jones Lang LaSalle, one of the world's leading financial and professional services firms specialising in real estate, was underwritten by Noor Islamic Bank. National Bank of Abu Dhabi, as joint lead manager with Noor Islamic Bank, and First Gulf Bank, United Arab Bank, and United Bank Limited ensured a successful syndication of the financing.

Neither parties have disclosed the value of the deal.

A landmark transaction, this marks AIG Global Real Estate's first investment in the UAE, as well as its first Sharia-compliant investment. The proceeds of the five-year ijara financing were used to purchase Emaar Business Park Buildings 2 and 4, two class A office buildings located on Shaikh Zayed Road.

Hussain Al Qemzi, Group CEO, Noor Islamic Bank said: "We are committed to providing world-class Sharia-compliant solutions for our customers. This highly successful first syndication attests to the strong endorsement of our brand, the leading role NIB can play in supporting the growth of key sectors, and the growing importance and diversification of Islamic finance in the region. The transaction attests to the maturity and experience of NIB's corporate and investment banking teams and is a tribute to AIG Global Real Estate's willingness to innovate."

Profile

Part of American International Group, Inc. and headquartered in New York, AIG Global Real Estate invests in and actively manages real estate for unaffiliated clients and AIG companies around the world.

AIG Global Real Estate's property portfolio includes over 53 million square feet of retail, residential, industrial, office and hospitality properties owned, managed, or under development in more than 50 countries.

Ferdinando Scalamandre, Managing Director of AIG Global Real Estate, said: "This is the first of what we expect will be many successful investments in this rapidly developing region. We look forward to working with Noor Islamic Bank in the future."