A loan of JD30m to Zara Arab Bank leads consortium.... AMMAN Amman (ämän`), city (1997 est. pop. 1,415,000), capital of Jordan, N central Jordan, on the Jabbok (Wadi Zerka) River. Jordan's largest city and industrial and commercial heart, it is also a transportation hub, especially for pilgrims en route (Star)--A loan agreement was signed Tuesday Tuesday: see week. under which a banking consortium extended JD30 million to Zara Investment (Holding) Company.Led by Arab Bank The Arab Bank, formed in 1930, is a prominent financial institution in the Arab world, with 400 branches and offices in 25 countries.[1] Its parent company is Arab Bank plc incorporated in Amman, Jordan, where its headquarters are also located. , the consortium included Jordan-Kuwait Bank, Union Bank for Saving and Investment, Cairo Amman Bank The Cairo Amman Bank is a full service bank in Jordan and the Palestinian territories. The bank was established on January 14, 1960 as a Jordanian public shareholding company and began its banking services on July 1, 1960[1]. and Arab Jordan Jordan, country, Asia Jordan, officially Hashemite Kingdom of Jordan, kingdom (2005 est. pop. 5,760,000), 35,637 sq mi (92,300 sq km), SW Asia. It borders on Israel and the West Bank in the west, on Syria in the north, on Iraq in the northeast, and on Saudi Investment Bank.Present at the signing ceremony A signing ceremony is a ceremony in which a bill passed by a legislature is signed (approved) by an executive, thus becoming a law. Modern-day signing ceremonies are derived from ceremonies that occurred when the British monarch gave Royal Assent to acts of Parliament. , which was held at InterContinental in·ter·con·ti·nen·tal adj. 1. Extending or taking place between or among continents: intercontinental exploration; intercontinental cooperation. 2. Jordan Hotel, were Arab Bank Chairman/CEO Mr Abdel Hamid Shoman, Zara's Chairman Mr Sabih Al-Masri al-Masri is Arabic for "Egyptian" or "the Egyptian" and may refer to:
n. pl. tala See Table at currency. [Samoan, from Englishdollar.] Noun 1. Bay Resort in Aqaba and continuing its investments within its subsidiaries. In light of the increasing construction projects, especially within the tourism sector, Shoman said that Arab Bank believes it is essential to participate in providing the necessary financing to companies operating in the construction sector, especially those handling tourism projects, due to their positive impact on the Jordanian economy.Shoman stressed the need to activate the concept of tourism as an essential source of income for Jordan. He called for creating genuine investment opportunities that meet the requirements of the accelerating growth in tourism and sustain activities in the various aspects of the sector, such as medical tourism, religious tourism, eco tourism and recreational among others. Masri said that within Zara's investment strategy and in light of the fact that the company's assets include 5-star hotels, it always seeks to elevate el·e·vate tr.v. ele·vat·ed, ele·vat·ing, ele·vates 1. To move (something) to a higher place or position from a lower one; lift. 2. To increase the amplitude, intensity, or volume of. 3. the quality of Jordan's tourism product. The company will achieve such a goal, he said, through enhancing its pioneering role in establishing new tourism projects on the one hand, and developing its existing projects with the aim of maintaining the competitiveness of these projects at the local, regional and international levels, on the other.He said the loan extended by a consortium comprising Jordanian banks led by Arab Bank will be used to meet the finance needs of Zara and to support the company's investment policies. He noted that the financial performance of the company is witnessing remarkable development in terms of both total operational revenues, which grew by over 30 percent over the past 11 months, compared to the same period last year, and operational profits that increased by more than 53 percent, compared to the same period in 2006. He noted that all indicators show improvement in the performance of the tourism sector in general, especially the hotel sector, which, he said, will grow at a higher pace in 2008, compared to the current year. A*A loan of JD30m to Zara Arab Bank leads consortium 2003 Jordan Press & publishing Co. All rights reserved. Provided by Syndigate.info an Albawaba.com company |
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