Tejoori closes Musharaka agreement with Omniyat Properties Eleven Limited

On 17 December 2006, the Musharaka agreement closed with Tejoori taking a 25% equity stake in Omniyat Properties Eleven Limited. The agreement provides Tejoori with an equity stake in land deals and total projects in excess of Dhs 1 billion (US$281m) in Business Bay and Lagoons.

'Musharaka' means 'partnership'. Such an arrangement is based on a profit and loss system where two or more persons combine either labour or capital and share in the profits or losses of the venture.

Tejoori is the world's first investment company focusing on Shari'a compliant investments to be listed on a major international stock market. Tejoori's investment approach is not limited by geography or sector but by the quality and potential of the investment.

Commenting, Sheikh Fawaz Bashraheel, Chairman of Tejoori Limited, 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 centered around the principles of Shari'a compliant investing."

Omniyat Properties Eleven Limited is a special purpose entity and a part of Omniyat Holdings, which is also the holding company for Omniyat Properties the real estate development company responsible for current developments such as One Business Bay, Bayswater, The Binary and the Gemini in Business Bay as well as the Square residential project with a total estimated value of AED 2.7 billion under development. Dubai-based Omniyat Properties specialises in creating the most technologically advanced properties in the Middle East region.