20 Oct 2010
Capinnova Investment Bank, the Shari’a compliant investment banking arm of BBK offered a US $16,5 million bridge financing facility to support the financing of a religious hospitality project in Mecca. The project consists of a hotel located 1.3 km away from the Haram. The development is in the final stages of completion and will be the first of its kind providing Muslims worldwide (including non-GCC residents) an opportunity to have an interest in Mecca project. The creative structure enables foreign investors return from a hotel asset in the holy city of Mecca through investing in a Cayman Island (Special Purpose Vehicle).
Mr. Jamal Hijres, Chief Executive Officer of Capinnova Investment Bank said: “We are delighted to have participated in this prestigious project in the holy city of Mecca, which turned out to be a rather complex and novel structure. The project will be the first to a series of transactions primarily focusing on Mecca’s religious hospitality market. Furthermore, Capinnova has also been appointed as the exclusive marketing agent to place the Cayman Island SPV’s shares, which derives 35% returns from the hotel asset in Mecca. Capinnova is planning to utilize the broad network of its parent BBK to identify potential investors, offering them a highly-rewarding secured structured product that meets both the spiritual rewards as well as maximization of investors’ wealth”.
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