Ajman Bank Grants Dhs40m To UAE's Bukhatir Investment Group

Published: 25-Nov-2009

As part of its strategy to continually improve the strength and progress of the local economy

Ajman Bank, the UAE-based Islamic commercial Bank has granted Bukhatir Investment Dhs40m in the form of an Ijarah Facility. The financing will be used by the group to invest in their ongoing industrial projects in Abu-Dhabi and Hamriyah Free Zone, Sharjah and is considered to be the first step in establishing a strong on-going banking relationship between the two organisations.

The Bukhatir Group focuses on straddle construction and manufacturing to sports and television media with operations spanning North America and North Africa, to West and South Asia. The collaboration is yet another partnership that Ajman Bank has introduced to support the UAE's large businesses.

In May of this year, Ajman Bank struck a deal with Emirates Transport characterising their business ethos which aims to further enhance the UAE's development and its social welfare. It is considered to be very much in line with the bank's community banking strategy through which it seeks to continually improve the strength and progress of the local economy.

Ali Alshaqoosh Al Mueen, acting CEO of Ajman Bank, said: "Ajman Bank is very pleased to strike this deal with Bukhatir Investment Group, particularly in light of its diversified structure and strong heritage. We hope that financing deals such as these will strongly support the community and the Economy of UAE, an aim very close to the heart of the Ajman Bank team.

"We look forward to continuing our relationship with Bukhatir Investment Group and hope that this deal marks a strong upward trend in Ajman Bank's corporate division activity, through which we will continue to move from strength to strength."

No items to display

Tell your friend about this article