Ajman Bank, the emirate’s first Islamic Commercial Bank has granted Bukhatir Investment Ltd AED 40 million 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 is one of the largest and most diversified business houses in the United Arab Emirates. The investment 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 group has an employee base of over 4,000 and its current aggregate annual turnover stands at approximately AED three billion.

The collaboration is yet another partnership that Ajman Bank has introduced to support the UAE’s large businesses. In May of this year, the 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 E. Alshaqoosh Al Mueen, Acting CEO of Ajman Bank commented: “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.”
 

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