Issue No 291 - 18 Nov 2008
Al Salam in key Makkah tower investment

Al Salam Bank-Bahrain has announced plans for a Sharia-compliant investment in a residential and commercial tower near Makkah.

The tower is strategically located meters away from King Abdul Aziz Gate, the closest to Holy Kaabah. The bank sealed a deal to acquire leasehold interest in the tower, said a top bank official.

The deal entitles the bank to utilize the tower's 12 residential floors, Al Salam Bank-Bahrain executive vice-president and head of Middle East and North Africa Nabeel Al Tattan said.

The 12 floors which the bank acquired on leasehold interest include 28 residential units on each floor for a total of 336 units, he added.

The tower itself forms an Islamic architectural masterpiece providing the highest standards of hospitality and hotel services and is distinguished by having the advantage of overlooking the Holy Mosque.

The tower is a complete and integrated residential facility that includes all necessary utilities like clinics, a business center and a conference hall.

The tower comprises of 23 floors structured according to international standards to provide luxury to its guests.

Source: Trade Arabia News

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