A partnership between the International Investment Bank and Al Shiddi Group
Manama, Bahrain - 12 December 2012: Sarajevo City Center, a major real estate project based in Sarajevo, Bosnia, valued at €130,000,000, recently reached 60% total completion. The project is a partnership between International Investment Bank (IIB), a leading investment firm based in Bahrain, and Al Shiddi Group, a Saudi-based business group specializing in construction.
The project is a unique hybrid complex comprising several main interconnecting features. The main building is a shopping mall and an entertainment complex encompassing 5 levels that cover an area of 49,500 square meters. Over the course of the construction, the mall was fully leased and the last agreements are currently being finalized.
The project also contains two towers, each consisting of 18 stories. the first of which is a commercial complex that covers 6,500 square meters.
The second tower will house a 5-star hotel with 224 rooms covering an area of 13,900 square meters. The hotel will be managed by a reputable hotel management company that works according to the principals of Islamic Sharia.
During a visit to inspect the project, the Chairman of International Investment Bank, H.E Saeed Abdul Jalil Al Fahim, commented on the announcement: "At IIB, we take great pride in seeing this project move forward at a pace exceeding our expectations. The project has already proven to be a success with the mall fully leased prior to completion. We believe that the complex will contribute positively to all parties involved, especially to our shareholders, our partners and the business and social communities of Sarajevo".
IIB CEO, Aabed Al Zeera, also commented on the milestone: "The success of this project is linked to the great value that the residents of Sarajevo will see in the near future. Its location has also contributed to its success. Being situated directly at the heart of Bosnia, the complex provides all patrons proximity to administrative and public institutions, businesses and cultural centers."
Upon completion, the complex will be one of the largest in Bosnia. The shopping mall is expected to open on September 2013, with the towers opening shortly thereafter.
About International Investment Bank
International Investment Bank B.S.C. (c) (IIB) was incorporated as an Islamic investment bank on 6 October 2003, under commercial registration number 51867 as a Bahrain Joint Stock Company (closed). Operating under an Islamic wholesale banking licence issued by the Central Bank of Bahrain, IIB commenced investment activities on 13 October 2003.
IIB has an authorized capital of US$ 200 million and its shareholders equity is US$ 147 million as at 31 December 2011. The Bank's shareholders are high net worth individuals, business houses and institutions from the GCC states.
The core business activities of the Bank include investing on its own account and investment, underwriting and placement in real estate and private equity in conformity with Islamic Shari'ah. It aims to offer its clients an internationally diversified range of investments generated through its network of strategic partnerships.
For More Information please contact:
Ahmed Alshariqi
Hill+Knowlton Strategies
Tel: +973 17533532
Fax: +973 17533370
e-mail: Ahmed.Alshariqi@hkstrategies.com
© Press Release 2012
