Tejoori closes musharaka deal

by ArabianBusiness.com staff writer Thursday, 01 February 2007

Tejoori Limited, the investment company headquartered in Dubai and listed on the Alternative Investment Market in London, has closed its musharaka agreement with Omniyat Properties Eleven.

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Tejori has taken a 25% equity stake in Omniyat Properties Eleven, giving the investment company a stake in land deals and projects valued at more than AED1 billion (US$281m) in Dubai Business Bay and Lagoons.
Under a musharaka arrangement, two or more parties combine either labour or capital and share in the profit or loss of the venture.

Sheikh Fawaz Bashraheel, chairman of Tejoori, said: "The closure of this Musharaka agreement comes as we are announcing yet more transactions. We are now experiencing solid momentum and confirming Tejoori's commitment to both traditional and unique opportunities centred around the principles of Shariah compliant investing."

Omniyat Properties Eleven is a special purpose entity and part of Omniyat Holdings, which is also the holding company for Omniyat Properties, the real estate development company responsible for ongoing developments such as One Business Bay, The Binary, and the Square residential project. The developer has a special focus on creating technologically advanced properties and ‘smart buildings' in the Middle East, with around $735m of projects currently underway.



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