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November 26th, 2013

Tadhamon Capital arranges the acquisition of mixed-use student development valued at more than 100 million Pound

Tadhamon Capital BSC (c), a Bahrain based Islamic Investment Company, has announced the successful completion of the acquisition of Paul Street development- their second prime Central London development to-date. The acquisition was concluded in joint venture with Apache Capital and McLaren Property following the successful development and full letting of its first prime Central London student development- Paris Gardens- which was also carried out with McLaren Properties.

The Paul Street development will be comprised of three blocks, two of which will contain 456 student accommodation units with a 1,550 sqft ground floor retail space, with the third block consisting of a stand-alone office building. Construction work is expected to commence in during the first quarter of 2014 with completion targeted by the end of Q3 2015. The investment is expected to generate a minimum average annual net cash yield of 7.3% and an Internal Rate of Return of 17.5%

Paul Street is located on the northern fringe of the City, within proximity of the fashionable areas of Hoxton and Old Street. The property benefits from its close proximity to the major public transport nodes of Liverpool Street Station and Old Street tube station and from being within walking distance of two of London’s largest universities: London Metropolitan University and City University.

Mr. Waleed Abdulla Rashdan, Chief Executive Officer of Tadhamon Capital stated “Over the past 4 years we have taken a strategic decision to expand our investments within the UK and have since focused on building our social infrastructure platform. To date, we have successfully closed 10 transactions at a total value of 240mn Pound, and spanning the three diverse sectors of student accommodation, senior housing & care homes, and specialist education, within strategic locales around the UK, with four of our student accommodation properties ( exceeding 1,500 rooms) currently being in and around London. We will continue exploring further opportunities within these sectors as part of our platform as they have proven their resilience to market changes, and continued their marked growth. As part of our continued efforts to capitalize on the market & growth trends within the UK, we are currently exploring a number of prospects within the residential and office sectors as we believe these are currently recovering from the global economic downturn and would offer exceptional returns to our investors”

He added “Over the past years we have established a solid real estate investment platform which will be used to replicate our success and experience within the UK to invest over the next 18 months in selected cities within the EU, US and Turkey. Our strategy has always focused on developing strategic partnerships within each market focusing on developing synergies to ensure the selection of high quality to our shareholders and investors.”


July 9th, 2013

Tadhamon Capital arranges the acquisition of two assets in the UK worth $50m

The second quarter of 2013 marked a new investment by Tadhamon Capital, the Bahraini based investment firm, where it had arranged the further acquisition of two assets within its prevalent Social Infrastructure Platform in the United Kingdom. The latest two transactions are valued at approximately 32 million Pound ($50m) which brings the total value of the assets held under the Platform to 123 million Pound ($190m).

The first transaction was established between Tadhamon Capital and Maria Mallaband Care Group Ltd (MMCG) to forward fund the development of the 6.7 million Pound 53-bed care homes in Gerrards Cross, Buckinghamshire (west of London). The development will provide high specification premium care for residents requiring dementia, nursing and residential care. The Gerrards Cross property represents the first Healthcare asset within the Platform, and is the first of four forward funding transactions currently in discussion with MMCG as part of the Social Infrastructure platform’s Nursing and Carehome Portfolio. The other 3 developments being considered are located in affluent South-Eastern home-counties, which will provide a total of 184 beds and are valued at 21 million Pound.

The second transaction builds on the Platform’s existing strategic relation with McLaren Properties by arranging the acquisition of 251-bed Brunswick House student accommodation scheme in Cambridge at a value of 26 million Pound. This transaction comes subsequent to the Platform’s arrangement for the acquisition of Paris Garden student housing property in Central London valued at 45 million Pound in 2012. The Cambridge student accommodation opened in September 2012 with 100% occupancy.

Mr. Waleed Abdulla Rashdan, Chief Executive Officer of Tadhamon Capital commented: “Both transactions will enjoy the privilege of distributing cash yield to its investors/shareholders with an attractive investment return at the exit. Since laying the foundations of our Social Infrastructure Platform with our strategic partners, Apache Capital Partners (the London based real-estate investment company), it has expanded and diversified to now include prime assets in each of the student housing, affordable housing and more recently, the healthcare sectors. We are firm in our belief in these alternative real estate sectors as drivers of real value to our investors and will continue to source and structure deals within sectors of the UK economy which have exhibited robustness in light of the recent global economic turmoil. Through forging partnerships with experienced and leading developers and operators, the coming year will also see us casting our sight further afield to explore selected EU, US and regional markets to hopefully continue delivering our investors with high quality properties.”


April 15th, 2013

Tadhamon Capital announces 35% increase in net profit for the year

Tadhamon Capital, a category 1 Islamic Investment Company, regulated by the Central Bank of Bahrain, has announced a net profit of US$3.1 million for its fourth year of operations for the year ended 31st December 2012 compared to US$ 2.3 million for 2011. Total revenue for the year amounted to US$8.3 million (2011: 7.7 million), which include fee income of US$3.6 million (2011: US$ 6.4 million).

Commenting on the results, the Company’s Chairman Mr. Abdulgabbar Hayel Saeed said: “We are very pleased with our performance. The company has exceeded its forecasted profit mainly due to the performance of its investment portfolio and the closing of new investment transactions.” Mr. Saeed expressed his sincere gratitude to the company’s investors for their continuous support to the Company and he thanked the regulatory authorities in the Kingdom of Bahrain for their constant support.

Chief Executive Officer and Board Member Waleed Abdulla Rashdan stated that the Company’s strategy is to focus on growing its portfolio of assets under management “In 2012 we successfully closed two major transactions. The first was Paris Gardens, the development of a student accommodation facility in Central London, part of our real estate Social Infrastructure focus in the UK. The other transaction, the Tadhamon Aviation Equipment Fund, is structured through an Ijarah leasing contract to finance a full flight simulator for an Airbus A330 to Gulf Aviation Academy, a subsidiary of Mumtalakat. We are optimistic about the future and have implemented our new five year business plan that will focus on our three business lines, Real Estate Investments, Alternative Investments, & Treasury & Capital Markets”.

Tadhamon Capital enjoys a highly liquid balance sheet due to investments in short term sharia compliant products. It is currently funding most of its long term investments from its existing investor base which has been gradually growing since the Company’s incorporation in 2008.

Tadhamon Capital is a 100% owned subsidiary of Tadhamon International Islamic Bank (TIIB) which, in turn, is majority owned by a leading regional conglomerate, Hayel Saeed Anam & Co (HSA) Group, with Qatar Islamic Bank as a prominent shareholder.


July 31st, 2012

تضامن كابيتال وأباتشي كابيتال يستحوذان ع 

أعلنت اليوم تضامن كابيتال ش.م.ب. (مقفلة)، وهي شركة استثمار إسلامية من الفئة الأولى خاضعة لرقابة وإشراف مصرف البحرين المركزي، وشركة أباتشي كابيتال بارتنرز، وهي شركة استثمار عقاري متوافقة مع أحكام الشريعة الإسلامية ومبادئها ولها مكاتب في كل من البحرين ولندن، عن استكمالهما الاستحواذ على مشروع تطوير مجمع باريس غاردنز لسكن الطلبة في وسط مدينة لندن، وذلك يأتي بالشراكة مع المطور العقاري المحلي شركة مكلارين بروبرتي في صفقة بلغت قيمتها الإجمالية 45 مليون جنيه استرليني، وتحقق عائدًا مبدئيًا صافيًا بنسبة 6.4%، ومعدل عائد نقدي جارٍ يقدر في المتوسط بنسبة 7.3% سنويًا يوزع كل ثلاثة أشهر على المستثمرين (6% سنويًا خلال السنة الأولى التي يتم خلالها تنفيذ أعمال البناء، و8% سنويًا بعد ذلك).


تشكل هذه الصفقة جزءًا من محفظة استثمارات تضامن كابيتال وأباتشي كابيتال بارتنرز في قطاع البنية التحتية الاجتماعية لتصبح بذلك القيمة الإجمالية للموجودات تحت الإدارة 140 مليون دولار أمريكي. ومن المتوقع أن يتم إنجاز أعمال تطوير المجمع في سبتمبر 2013 في موقعه الممتاز في ضاحية ساوثورك اللندنية على الضفة الجنوبية لنهر التيمز، وعلى مسافة بضع دقائق سيرًا على الأقدام من بعض أكبر جامعات لندن، ومنها كينغز كوليج لندن، وجامعة لندن ساوث بانك، وسيتي يونيفرسيتي، وجامعة وستمنستر، وكلية لندن لإدارة الأعمال. ويتألف العقار من مبنيين أحدهما يتكون من 9 طوابق والثاني يتكون من 13 طابقًا تضم 253 سريرًا للطلبة، وقاعة مشتركة وساحة عامة، ومدرسة فنون بمساحة 33.230 قدم مربع تشغل 3 طوابق. وتدير المجمع شركة فيكتوريا هول، وهي شركة متخصصة في سكن الطلبة لها فروع في 14 مدينة كبرى في المملكة المتحدة وأوروبا..


وقد صرح السيد وليد عبدالله رشدان، الرئيس التنفيذي لشركة تضامن كابيتال أن هذا الاستثمار في مجمع باريس غاردنز يمثل ثالث صفقة في محفظة استثمارات الشركة في البنية التحتية في المملكة المتحدة، كان أولها الاستحواذ في الربع الأخير من العام 2010 على مدرسة لذوي الاحتياجات الخاصة، ثم مجمع لسكن الطلبة في العام 2011. وأضاف "لقد أسهم الأداء القوي لهذه الموجودات في تعزيز ثقتنا بهذا القطاع ومدى قدرته على الصمود في مواجهة التقلبات الاقتصادية. كما أننا عملنا من خلال تواجدنا وعبر هذه الصفقات في السوق البريطانية على تطوير علاقات دائمة ووثيقة مع بعض أبرز الشركات لضمان تحقيق أفضل النتائج لمستثمرينا في هذا القطاع. كما إننا ملتزمين على مدى الاثني عشر شهرًا القادمة بإبرام عدد من الصفقات الاستثمارية والتي نتوقع أن تحقق توزيعات مضمونة على المستثمرين تتراوح ما بين 6% إلى 8% سنويًا، منها مشروع مشترك لتوفير المساكن الاجتماعية في بعض أكبر المدن البريطانية ومجمعات أخرى لسكن الطلبة في مدن جامعية كبرى".


تتوزع استثمارات تضامن كابيتال وأباتشي كابيتال في البنى التحتية الاجتماعية على قطاعات سكن الطلبة، والرعاية الصحية، والتربية والتعليم، والمساكن الاجتماعية في المملكة المتحدة. ويستفيد كل من هذه القطاعات من عوامل الاقتصاد الكلي القوية التي تدعم القيم العقارية ومبادرات إدارة الموجودات، بما يتيح تحقيق أرباحًا رأسمالية مجزية للمستثمرين. كما تهيء هذه القطاعات فرصةً للاستثمار في الموجودات ذات الأسس القوية والاستفادة من تدفقات الدخل طويلة الأمد والزيادات الثابتة في القيم الإيجارية.


June 4th, 2012

$13.3 MILLION AGREEMENT SIGNED BETWEEN GULF AVIATION ACADEMY AND TADHAMON CAPITAL

Gulf Aviation Academy (GAA), a wholly owned subsidiary of Bahrain Mumtalakat Holding Company (the investment arm of the Kingdom of Bahrain), signed a $13.3 Million Operating Lease Agreement with Tadhamon Capital for the new A330 full flight simulator.

The signing ceremony took place at GAA’s facility in Muharraq where both Eng. Mahmood Al Balooshi, Chief Executive Officer, and Mr. Moath Al Shaikh, Head of Finance and Accounts represented GAA, while the Tadhamon Capital was represented by Mr. Waleed Abdulla Rashdan, Chief Executive Officer, Mr. Ahmed Hatam Sultan, Executive Director Treasury and Capital Markets, Mr. Ahmed Foaud Darwish, Director of Financial Control and Mr. Maisarh Yaseen, Principal Treasury and Capital Markets.

The agreement is part of the “Tadhamon Aviation Equipment Fund” that was recently launched by Tadhamon Capital and is the Company’s first Shari’ah compliant aviation fund established in the Kingdom of Bahrain. The fund has purchased an A330 full flight simulator and secured a five year operating lease agreement with GAA.

Eng. Mahmood Al Balooshi, Chief Executive Officer of GAA said, “We are very pleased to be partnering with Tadhamon Capital in such a key financial structure which the GAA is looking forward to improve in the future to assess the growth plans of the Academy”

“With the arrival of the new A330 FFS, the capacity of GAA’s full flight simulators will increase to five, which will enhance the Academy’s pilot training operations”

“GAA aims to provide top quality, end-to-end aviation training solutions to commercial airlines in the Middle East and North Africa region, and will continue to make investments that meet the growing regional demand for pilot training as well as create job opportunities and financial growth in Bahrain.”

Mr. Waleed Abdulla Rashdan, CEO of Tadhamon Capital stated on this occasion; “The deal we have concluded is emblematic of the huge stride Tadhamon Capital has taken over the past few months and it marks the successful conclusion of the first Shari’ah Compliant Aviation fund established in the Kingdom of Bahrain . Today, we are delighted to be working closely with Gulf Aviation Academy in a step towards achieving both parties’ visions. Moreover, programs such as these will also increase demand for skilled Bahraini manpower in this particular sector and play a significant role in boosting the country’s economic growth under these challenging market conditions”

Mr. Rashdan added; “This transaction is a testimony of the Company’s confident approach in supporting successful business initiatives in the Kingdom of Bahrain. We are content with offering our prominent shareholders and investors with innovative Shari’ah compliant instruments that are expected to generate attractive returns for all parties involved. Tadhamon Aviation Equipment Fund would set the milestone for more funds of similar nature focused on the aviation sector and the infrastructure for the Kingdom of Bahrain and the MENA region.”

The CAE A330 FFS will be delivered in mid-2012 to GAA’s Simulator Centre, which currently includes two CAE 5000 Series A320 FFS, an A330/A340 FFS and an Embraer 170/190 FFS. The new A330 Simulator will incorporate a CAE TroposTM-6000 visual system and is scheduled to be fully operational by the end of August 2012.

About Gulf Aviation Academy (GAA): GAA, positioned as the future of commercial aviation training, is based in the Kingdom of Bahrain to serve the needs of the aviation industry in the MENA region. The academy, a fully-owned subsidiary of Mumtalakat, the investment arm of the Kingdom of Bahrain, offers a comprehensive range of high quality aviation training solutions to all aviation personnel including pilots, engineers and cabin crew. GAA’s training facilities, located at Bahrain International Airport, operates 24 hours a day, seven days a week and provides state-of-the-art latest simulator equipment with internationally qualified personnel.


May 13th, 2012

Tadhamon Capital announces $2.3 million profit in its third year

Tadhamon Capital, a category 1 Islamic Investment Company, regulated by the Central Bank of Bahrain, has announced a net profit of US$2.3 million for its third year of operations for the year ended 31st December 2011 compared to US$ 6.5 million for 2010. Total revenues for the year amounted to US$7.7 million (2010: 11.1 million), which include fee income of US$4.0 million (2010: US$ 5.3 million) from managing portfolios for clients, performance fees of US$ 2.4 million (2010: US$ 0.6 million), and upfront fees of US$ 0.4 million (2010: US$ 4.8 million) while profits from proprietary investments contributed US$0.9 million (2010: US$0.4 million). Total operating expenses for the year, amounted to US$5.4 million (2010: US$ 4.6 million).


Commenting on the results, the Company’s Chairman Abdulgabbar Hayel Saeed said: "Despite the political and economic challenges that were spreading across the region during the year 2011, we are pleased with our performance. The company has maintained achieving profits due to its ability to source and exit superior investments for its clients who have vested their deep faith in our abilities." Mr. Saeed expressed his sincere gratitude to the company’s clients, the regulatory authorities in Bahrain, and to the company’s employees for their reliable commitment.


Tadhamon Capital’s vision is to become a leading financial institution that promotes Islamic finance on a global level by providing its investors with attractive, diversified and innovative Sharia’a compliant solutions. Its principal business activities include arranging, structuring and managing new investment products across its main business lines which include; Private Equity, Real Estate, Treasury & Capital Markets and Wealth Management.


In the first three years, Tadhamon Capital invested in individual stand alone investments, especially in the social infrastructure sector in the UK, such as student accommodation, healthcare and schools. The company also invested in a professional labour accommodation camp in Jubail, Saudi Arabia, which has been progressing and performing exceptionally. Additionally, Tadhamon Capital manages a Sukuk portfolio for its investors in the Middle East and an equity portfolio, mainly in GCC markets, investing in Saudi Arabia, Bahrain, Qatar and Oman, and is currently looking at developing a new commodities portfolio, dealing in precious metals.


Currently, the company is establishing a new private equity fund, focusing mainly in the food and retail sectors, funded by the shareholders plus other investors. In addition, the company has recently launched Tadhamon Aviation Equipment Fund, its first Sharia’a compliant aviation fund established in Bahrain, securing a five year operating lease agreement with Gulf Aviation Academy. The company has also closed two transactions, The Coxlease Special Needs School in south of UK and Athena Hall student accommodation block in Ipswich, North London. A third transaction, student accommodation in Paris Gardens, in middle of London, is also being finalized. Moreover, the company is working on a green field waste to energy project in Colombo, Sri Lanka, which will be developed in six months.


Chief Executive Officer and Board Member Waleed Abdulla Rashdan announced that the company has a strong pipeline of attractive and well diversified investment solutions. He commented "We have a niche market in terms of raising money from investors as our parent and shareholders are from Yemen. Tadhamon Capital, being in Bahrain, acts as a conduit for investors, providing a financial structure and liquid investment opportunities not found in Yemen. Our shareholders bring their expertise, reputation and geographical diversification, in various industries, from London to Malaysia and Indonesia, using their presence in doing investments in these countries and markets."


Mr. Rashdan explained the company’s main focus is to act as an asset and fund manager. He said that the company deals with high net worth individuals and institutions who understand the risk the company is taking because of their solid understanding of the market and extensive experience in real estate and private equity. He added "Being a Sharia’a compliant company, we have an added advantage that all our investments are backed by physical assets."


"We are optimistic about the future and are working on a five year business plan that will focus on the three business lines, mainly through funds, whilst continuing to be opportunistic in case of attractive individual transactions. "We will also focus on the promotion of wealth management functions, providing a complete solution for high net worth individuals. "Funds and wealth management remains our main focus, while trying to enhance our investor base and expand into other GCC countries."


Tadhamon Capital is a 100% owned subsidiary of Tadhamon International Islamic Bank (TIIB) which, in turn, is majority owned by a leading regional conglomerate, Hayel Saeed Anam & Co (HSA) Group, with Qatar Islamic Bank as a prominent shareholder.


April 22nd, 2012

Tadhamon Capital CEO interview written by Apple for Gulf Daily News

Tadhamon Capital is an investment company, regulated by the Central Bank of Bahrain and seeks to service the flourishing market for Sharia’a compliant investment services in both the GCC and the wider Middle East region.


"Our main focus is to act as an asset and fund manager," said Tadhamon Capital chief executive officer Waleed Abdulla Rashdan. "We are establishing a new private equity fund, focusing mainly in the food and retail sectors, funded by our shareholders plus other investors," said Mr Rashdan.


"In the first three years, we invested in individual stand alone investments, especially in the social infrastructure sector in the UK, like student accommodation, healthcare and schools. "Having invested in three transactions, we are looking at establishing funds on this sector, where we have a commitment from day one and funds available to invest in similar investments.
"In capital markets, we have invested in sukuk, commodities and equities.


So far, Tadhamon Capital has closed two transactions, The Coxlease Special Needs School in south of UK and Athena Hall student accommodation block in Ipswich, North London.
A third transaction, student accommodation in Paris Gardens, in middle of London, is also being finalized. The company also invested in a professional labor accommodation camp in Jubail, Saudi Arabia, which has been progressing and performing exceptionally.
Its main focus will continue in real estate in UK, Middle East, and Turkey, as a new market, as well as South and South East Asia.


Additionally, the company is working on a green field waste to energy project in Colombo, Srilanka, and hope to start the development of the project in six months.
Tadhamon Capital also manages a Sukuk portfolio for its investors in the Middle East and an equity portfolio, mainly in GCC markets, investing in Saudi Arabia, Bahrain, Qatar and Oman, and is looking at developing a new commodities portfolio, dealing in precious metals. "What really differentiates us from other investment companies is that we have a niche market in terms of raising money from investors as our parent and shareholders are from Yemen," said Mr Rashdan.


"Tadhamon Capital, being in Bahrain, acts as a conduit for investors, providing a financial structure and liquid investment opportunities not found in Yemen. "Our share holders bring their expertise, reputation and geographical diversification, in various industries, from London to Malaysia and Indonesia, using their presence in doing investments in these countries and markets.


"We deal with high net worth individuals and institutions who understand the risk we’re taking because of their solid understanding of the market and extensive experience in real estate and private equity. "Being a Sharia’a compliant company, we have an added advantage that all our investments are backed by physical assets."


"We are optimistic about the future and are working on a five year plan that will focus on the three business lines, mainly through funds, whilst continuing to be opportunistic in case of attractive individual transactions.
"We’ll also try to promote wealth management functions, providing a complete solution for high net worth individuals.


"Funds and wealth management remains our main focus, while trying to enhance our investor base and expand into other GCC countries."


January 11th, 2012

Successful completion of an acquisition of 50 per cent ownership of a prime purpose built student accommodation block

Tadhamon Capital has announced the successful completion of an acquisition of 50 per cent ownership alongside Watkin Jones, of a prime purpose built student accommodation block. The block, Athena Hall, is located in Ipswich in the UK, about 113 km northeast of London.


The transaction, with a value of 26.7 million ($41.3m), was co-arranged by Tadhamon Capital and Apache Capital Partners, a Bahrain- and London-based UK real estate investment manager. The transaction was concluded at a net initial yield of 7.3pc and will distribute a quarterly net cash yield of 8pc a year to investors.


Athena Hall was developed by Watkin Jones, a UK-based real estate developer, in 2010 and is part of a new university campus benefiting from a five-year rental guarantee across the whole property provided by Watkin Jones and a 30-year nomination agreement with University Campus Suffolk. The property is the only purpose built student accommodation property on campus and current demand significantly outweighs supply.


Rent currently charged to students is estimated to be 20pc below open market rental values, allowing for strong rental growth potential on review.


The property comprises 590 rooms, six retail units and a dedicated car park, and will be operated and managed by Fresh Student Living, a specialist student accommodation company and a subsidiary of Watkin Jones. “This deal follows our acquisition of a special needs school in Hampshire in the fourth quarter of 2010 and forms part of our social infrastructure strategy,” said Tadhamon Capital chief executive Waleed Abdulla Rashdan.“The whole team has worked very hard to conclude the transaction, especially in light of the current global financial crisis.“


Tadhamon Capital and Apache Capital have selected social infrastructure as our core strategy as we believe the sector will continue to be resilient in uncertain times, with growing institutional interest, and allows us to provide secure income-generating investment opportunities to our investors, with targeted distributions of 7pc to 8pc a year.


“Social infrastructure is one of few asset classes that provide meaningful income distribution, and is highly attractive when compared with equities, gilts and cash yields, especially when interest rates in the UK, currently at 0.5pc, are likely to remain low for the foreseeable future,” he said.


“We are currently looking into our second student accommodation property which is located in a prime central London location with a capacity of more than 250 students, and hope to complete this transaction in the first quarter of this year. “Under the same platform, we currently also have a number of transactions in the pipeline which are relatively advanced and we hope to complete our next transaction soon thereafter,” he added.


April 11th, 2011

Private Equity Research Note

According to a Research Note released in April 2011 by Tadhamon Capital, Private Equity (PE) announced transactions in the Middle East and North Africa (MENA) region increased by 67% in 2010 over 2009. This increase translates to a transaction value of just over $1 billion which however is 47% lower than the 2005-2009 average. Fund raising in comparison was considerably lower in 2010, and at $448 million was close to levels seen in 2004. The Note further analyses fund raising and investments by geography, sector and transaction size during 2005-2010, presents key challenges in light of the financial crises and presents an outlook for PE investments in 2011 and beyond.

To access the full Research Note click here


November 29th, 2010

Tadhamon Capital completes US$28 million acquisition of school in the UK

Tadhamon Capital B.S.C.(c), has announced the successful acquisition of Coxlease School in the UK by a consortium of investors, in a transaction valued at 17.5m Pounds ($28m). Tadhamon Capital advised on the transaction and acted as an arranger of the financing.

The Coxlease Special Needs School is situated south of London in the New Forest in Lyndhurts, Hampshire. It is a specialist residential school for boys aged 9 to 18 with severe behavioural, emotional, social and learning difficulties and is run by the renowned Priory Group.

Established in 1980, the Priory Group is Europe’s leading independent provider of special needs health care, secure and step down services, specialist education, complex care and neuro-rehabilitation services, fostering and care homes, operating more than 50 facilities across Britain.

The school was acquired at a net initial yield (NIY) of 7.8% and will generate an attractive average cash yield of 9% p.a. to its investors, with a 30 year lease guaranteed by the Priory Group.

Commenting on the deal, Mr. Waleed Abdulla Rashdan, CEO of Tadhamon Capital, said "the Coxlease acquisition marks the first of a number of UK deals which we intend to close over the next 2 to 3 years. These transactions should diversify the portfolios of our shareholders and investors, providing them with exposure to the social infrastructure sector. This sector has held up well compared with other sectors during the downturn seen by the market during the last couple of years, both within the UK and internationally".

He also expressed that with the recent surge in demand for UK properties on the back of the drop in property values; there was a challenge in sourcing the appropriate high quality assets that could generate the desired returns for investors. "With so much focus being directed at the sector from both within the UK and abroad, the challenge continues to be selectively targeting and identifying the appropriate quality assets within our social infrastructure diversification strategy; however, through forging strategic alliances, we are poised to deliver our investors attractive returns from a mature market such as the UK


March 30th, 2010

Tadhamon Capital acquires professional labour accommodation in Jubail

Bahrain-based Islamic investment company Tadhamon Capital today announced its successful acquisition of Consolidated Services Company (‘CSC’). CSC currently owns and operates accommodation for management and staff in Jubail Industrial City and other industrial areas in the Kingdom of Saudi Arabia. The transaction is valued at more than USD 22 million and generates very attractive cash returns to the investors.

Mr. Waleed Abdulla Rashdan, CEO of Tadhamon Capital expressed his satisfaction with the acquisition and stated that "Despite the turbulent conditions experienced by the real estate market, our team continues to identify superior investments based on their solid understanding of the market and extensive experience in the field of real estate and private equity."

CSC offers services unlike those found in standard labour accommodation, the units provide cater to the needs of the various labour classes active in the field, up to and including senior management and project engineers of various nationalities. The site lies on a 51,000 sq. m. plot of land, currently capable of housing 800 residents. However, current expansion on the site will increase occupancy to 1,500 by the middle of 2010. Services provided include daily housekeeping, laundry services, and meal plans. Other facilities include swimming pools, a golf range, gymnasium, sports room, multipurpose courts, internet cafe, as well as social gathering areas.

Jubail has been designated as an Industrial City by the Saudi Arabian Government and over the last ten years has witnessed rapid expansion and industrialization. The Industrial City is a complex of local and international petrochemical plants, and houses a number of companies including the Middle East’s largest and the world’s 4th largest petrochemical company SABIC, and the recently announced Saudi Arabia Total Refining and Petrochemical (SATORP) company. New industrial projects in Jubail are increasing the demand for housing units in the area. It is forecasted that Jubail Industrial City’s population will reach around 250,000 by 2020 from the current level of 160,000.

Mr. Hesham AlGassab, Director of Real Estate Investments added "We look forward to expanding CSC’s activities by introducing similar projects catered towards various market segments within Saudi Arabia and across the GCC region. Our expansion model shall cater to the growing number of major infrastructure and strategic projects spearheaded by both the private sector and governments within the GCC".


March 25th, 2010

Tadhamon JV Signs US$ 230 million investment in Srilanka

 

The BOI signed an agreement worth US$ 230 million with the Malaysian-Bahraini joint venture Orizon Renewable Energy Private Ltd to build a waste to energy plant. The plant will be built on a 20-acre land at Kahatamedawelyaya, Muthurajawela, in the Gampaha District.

The project agreement was signed by BOI Board Members Channa Palansuriya and Upali Samaraweera, Environmental Affairs and Natural Resources Ministry Secretary Jayathilake and Octogon Consolidated Berhad Executive Director and Orizon Renewable Energy Private Limited Siti Fatima Mohamed Shariff.

The project involves several phases. It will first engage in the rehabilitation of the existing Bloemendhal dumpsite.

In addition the project also involves the construction and operation of a new landfill for fresh water wastes from Colombo and the Western Province.

The most important phase is the construction of a waste to energy plant that will completely destroy up to 1,300 tonnes a day of solid waste. Also important is that it will generate 56 Megawatts of power, and export about 45 MW to the net power grid.

The main attraction to the public and to the country is that the wastes will be completely destroyed without causing pollution or gas emissions. It will also ensure that no more lands will be allocated to landfills.

Another dimension is the reduction of health risks as many diseases, such as dengue, have spread as a result of mosquitoes breeding in landfills and other areas where waste is deposited.

The BOI is keen to have promoted this project since in addition to the abovementioned benefits to the country, it has created many opportunities for the training of skilled local workers. Since this is a new area that has not existed in Sri Lanka, it will result in a certain quantum of technology transfers to local communities.

BOI Deputy Director General A.M.C. Kulasekera said that the BOI has taken the lead role in establishing this project but the stakeholder agencies such as the Environment and Natural Resources Ministry, the Sustainable Energy Authority, the Public Utilities Commission and the Land Reclamation Authority also contributed immensely towards its implementation. "The key to success is team work involving all stakeholder agencies," he said.

Orizon Renewable Energy Chairman Siti Fatima Mohamed Shariff, said that the project was very significant as it will add 55 MW to the National Grid.


March 9th, 2010

Tadhamon Capital announces $28.6m profit in its first year

Tadhamon Capital, a category 1 Islamic investment company based in Bahrain, has announced a net profit of $28.6m for its first period of operations from 15th September 2008 to 31st December 2009.

Total revenues for the period amounted to $34m, including fee income of $30.3m from arranging transactions and managing portfolios for clients, while profits from proprietary investments contributed $3.7m. Total operating expenses for the period, which included one-time initial set-up costs, amounted to $5.4m.

Commenting on the results, the company Chairman Abdulgabbar Hayel Saeed said:


"We commenced our business at a time when the world was gripped by the worst financial crisis in a century. In spite of the difficult challenges, we are extremely pleased with our performance. The company has achieved outstanding results due to its ability to source superior investments for its clients who have vested their deep faith in our abilities."


Mr. Saeed expressed his sincere gratitude to the company’s clients, the regulatory authorities in Bahrain, and to the company’s employees for their steadfast commitment.

Tadhamon Capital’s vision is to become a leading financial institution that promotes Islamic finance on a global level by providing its investors with attractive, diversified and innovative Sharia’a compliant solutions. Its principal business activities include arranging, structuring and managing new investment products across its main business lines which include Asset Management, Private Equity, Real Estate, Treasury and Wealth Management.

During its first period of operations, the company successfully arranged major property acquisition and development projects in Saudi Arabia and other GCC and North African countries. Besides, the company has recently launched a regional equity fund to invest in listed stocks, and will shortly be launching a Sukuk fund and two other private equity funds. Client assets managed by the company have already exceeded $600m.

Chief Executive Officer and Board member Waleed Rashdan announced that the company has a strong pipeline of attractive and well diversified investment solutions. He commented "Our specialist team discerningly identifies and evaluates attractive investment opportunities based on a solid understanding of the market, strong fundamental research and analysis, and extensive experience—which we can offer to local and regional investors with greater ease of access to a wide range of markets."

Mr. Rashdan explained the company’s business model which is focused on identifying the best investment opportunities and working with key strategic partners to tap those opportunities for the ultimate benefit of the company’s clients and shareholders. He said the company has already forged strategic relationships with strong partners in each of its main business areas.

Besides, the company has put in place a sophisticated framework for corporate governance and risk management, and has implemented state-of-the-art information technology systems, processes and controls.

Tadhamon Capital is a 100% owned subsidiary of Tadhamon International Islamic Bank (TIIB) which, in turn, is majority owned by a leading regional conglomerate, Hayel Saeed Anam & Co (HSA) Group, with Qatar Islamic Bank also as a prominent shareholder.


October 19th, 2009

Tadhamon Capital launches its Headquarters at Bahrain Financial Harbour

Manama, Bahrain: Tadhamon Capital, one of the newest Islamic investment companies in Bahrain, officially inaugurated its new corporate headquarters in the Kingdom of Bahrain, in a high-profile launch event held under the patronage of H.E. the Governor of the Central Bank of Bahrain, Mr. Rasheed Al Maraj.The company was licensed by the Central Bank of Bahrain as a category 1 investment company last year and commenced operations during the last quarter of 2008. It is the first investment company in Bahrain fully owned by Yemeni shareholders and is poised to open the doors to greater two-way investments between GCC and other MENA countries and Yemen.

The launch ceremony was held on Monday, 19th October 2009, at Tadhamon Capital’s offices, located on the 12th floor of the GBCORP Tower in the prestigious Bahrain Financial Harbour.

The inauguration was attended by H.E. Rasheed Al Maraj, Governor of the Central Bank of Bahrain, as well as H.E. Dr. Ali Mansour bin Safa, the Yemeni Ambassador to Bahrain; Mr. Abdul-Gabbar Hayel Saeed, Chairman of both Tadhamon International Islamic Bank, Yemen (TIIB) and of Tadhamon Capital; Mr. Waleed Rashdan, Chief Executive Officer and Board Member of Tadhamon Capital; other Board Members of Tadhamon Capital; and other high-profile personalities in the regional Islamic investment industry.

Tahdamon Capital’s CEO, Mr. Waleed Rashdan, commented on the momentous occasion saying, “We are delighted to be launching Tadhamon Capital’s headquarters and first GCC office in the Kingdom of Bahrain, which signifies our confidence in Bahrain as the region’s principal financial hub, and in the dynamic growth prospects of the region’s Islamic investment industry.”
“Tadhamon Capital’s expert team discerningly identifies and evaluates attractive investment opportunities based on a solid understanding of the market, strong fundamental research and analysis, and extensive experience—which we can now offer to local and regional investors with greater ease of access to a wide range of markets.”

“We are looking forward to cultivating many new relationships and lucrative investment opportunities for our valued current and prospective clients, whilst ensuring superior returns with well managed risk. In this regard, I am delighted to announce that the Company already has a strong pipeline of attractive and well diversified investment solutions in asset management, private equity, real estate, and treasury.”

Tadhamon Capital is a 100% owned subsidiary of Tadhamon International Islamic Bank, Yemen (TIIB); whereas, TIIB is majority owned by a much larger and leading Yemeni conglomerate, Hayel Saeed Anam & Co (HSA) Group, with Qatar Islamic Bank also as a prominent shareholder.

Established in 1938, Hayel Saeed Anam Group (‘HSA Group’) of companies is one of the largest and premier business conglomerates in Yemen with business activities spread across a diverse geographic region including Europe, Asia, the GCC and North Africa. The HSA Group pays special attention to social development and effective participation in the economic growth and development of Yemen and the other countries in which it operates.

Tadhamon International Islamic Bank (‘TIIB’) is the largest bank in Yemen and offers Islamic banking and investment services to a broad demographic of customers in Yemen and abroad. TIIB most recently set up a bank in Indonesia and is reviewing a number of other opportunities in South Asia and the MENA region.

Tadhamon Capital’s vision is to become a leading financial institution that promotes Islamic finance on a global level by providing its investors with attractive, diversified and innovative Sharia’a compliant solutions. Focusing initially on the management of existing assets of its shareholders, the Company aims to structure, launch and manage new investments and products across its main business lines which include Asset Management, Private Equity, Real Estate, Treasury and Wealth Management.

For further information about Tadhamon Capital, please visit the Company’s website at www.tadhamoncapital.com.

Further information on the HSA Group and TIIB can be found at www.hsagroup.com and www.tiib.com respectively.


October 7th, 2009

Tadhamon Capital set for official launch in the Kingdome of Bahrain

Tadhamon Capital, one of the newest Islamic investment companies in Bahrain, is all set for its official launch which is due to take place later this month. The company was licensed by the Central Bank of Bahrain as a category 1 investment company last year and commenced operations during the last quarter of 2008.

It is the first investment company in Bahrain fully owned by Yemeni shareholders and is poised to open the doors to greater two-way investments between GCC and other MENA countries and Yemen.

Tadhamon Capital is a 100% owned subsidiary of Tadhamon International Islamic Bank, the largest bank in Yemen (TIIB), which is itself majority owned by a large and highly reputed Yemeni conglomerate, Hayel Saeed Anam & Co (HSA) Group, with Qatar Islamic Bank also as a prominent shareholder.

Established in 1938, Hayel Saeed Anam Group (‘HSA Group’) of companies is one of the largest and premier business conglomerates in Yemen with business activities spread across a diverse geographic region including Europe, Asia, the GCC and North Africa. The HSA Group pays special attention to social development and effective participation in the economic growth and development of the countries in which it operates.

Tadhamon International Islamic Bank (‘TIIB’) is the largest bank in Yemen and offers Islamic banking and investment services to a broad demographic of customers in Yemen and abroad. TIIB most recently set up a bank in Indonesia and is reviewing a number of other opportunities in South Asia and the MENA region.

Tadhamon Capital’s vision is to become a leading financial institution that promotes Islamic finance on a global level by providing its investors with attractive, diversified and innovative Sharia’a compliant solutions.

Focusing initially on the management of existing assets of its shareholders, the Company aims to structure, launch and manage new investments and products across its main business lines which include Asset Management, Private Equity, Real Estate, Treasury and Wealth Management.

The Company’s specialist Asset Management Team will manage high-net-worth and institutional investors’ funds as well as proprietary investments, while ultimately protecting and enhancing client wealth. Asset Management will build on the vision of Tadhamon Capital to offer its investors attractive, diversified Shari’a compliant solutions in order to optimize their returns. These solutions include: Discretionary Portfolio Management, Mutual Funds, and Structured Products.

Private Equity is also expected to be one of the key drivers of Tadhamon Capital, and will focus on providing growth and expansion capital to companies identified with superior return potential over a pre-determined investment horizon.

It is currently expected that the greatest potential for private equity performance is likely to be in sectors such as agribusiness, manufacturing, marine, healthcare, education and services.

The Company will seek to leverage the extensive experience of the HSA Group across various industries and sectors in several countries.

Tadhamon Capital will play an active role in arranging real estate transactions including acquisition, sale and development across various conventional and non-conventional classes of real estate.

The Company will also focus on infrastructure and master plan development throughout the MENA region, with a focused hands-on approach overseeing project development from concept to completion.

The Company’s strong ability to identify and assess attractive real estate investment opportunities is based on a solid understanding of the market, strong fundamental analysis and extensive experience.

Tadhamon Capital prides itself on its ability to leverage on its unparalleled access to both on-market and off-market transactions, through an established network of relationships with brokers, owners, real estate funds and investment managers.

TIIB and the HSA Group also have multi-dimensional expertise in real estate investments and have a successful track record in the asset class having pursued both regional and global opportunities in land, development, commercial and residential investments.

Treasury and Wealth Management at Tadhamon Capital actively arranges various Islamic Sharia’a compliant deposit products, securities and foreign exchange transactions. Principal products include Murabaha, Mudaraba and Wakala deposits, spot foreign exchange in regional and international currencies, commodities, and Sukuk securities.

Tadhamon Capital has already built a team of highly qualified and experienced professionals with outstanding credentials and track records. The Company has also invested significantly in implementing state-of-the-art systems and technology solutions that are tailored to its Islamic Sharia’a compliant business model.