Siraj Capital part of a Consortium to develop IKEA Bahrain

Dec 11, 2010 (PRN): Siraj Capital ltd, has announced that it is a founding member of a consortium of strategic partners developing a destination mall in Bahrain to be anchored by IKEA, the world's largest furniture retailer.

The Joint Venture Partners are lead by Al Salam Bank and include Siraj Capital, Al Aoun Capital and IKEA-KSA. The development project, covering an area of over 100,000 sqm of which the IKEA retail unit is estimated to cover approximately 30,000 sqm, aims at developing a premium destination mall designed to meet local and regional consumer needs.

Ibrahim Mardam-Bey, Chief Executive Officer of Siraj Capital stated "Siraj Capital has worked closely with other consortium members on this exciting project and has taken a lead role in bringing the IKEA opportunity to Bahrain. We are extremely proud that these efforts have paid off; Siraj and the consortium will also be looking at other big box retail opportunities in the region".

The IKEA affordable and quality home and office furniture concept, a highly successful retail operation with over 316 stores worldwide is the first of its kind to be introduced in Bahrain and is expected to open its doors to the public in 2014.

"This project is a testament to Siraj Capital's commitment to investing in the region and further reinforces our new strategy of focusing on Emerging Cities in select worldwide locations while leveraging Siraj's regional legacy experience and platform in the GCC and MENA regions…added Ibrahim Mardam-Bey, CEO of Siraj Capital. "

IKEA-KSA - IKEA Saudi Arabia's relationship with IKEA dates back to 1983 when Dr. Ghassan Al Sulaiman successfully obtained not only the exclusive rights to IKEA for the Kingdom of Saudi Arabia but became IKEA-Sweden's first even international franchisor. During the last 29 years, IKEA-KSA has grown into a regional leader of the IKEA brand, with three stores in Jeddah, Riyadh and Dammam. The company has solidified its relationship with IKEA-Sweden by recently obtaining the Bahrain franchise. The group is in advanced discussions with IKEA-Sweden to secure other regional franchises.

Siraj Capital Ltd - Siraj Capital Ltd ("Siraj") is an emerging market Private Equity firm aiming to become the most respected, profitable and sustainable in its market segment. Siraj Capital plans to become the preeminent Emerging Cities SME investment manager.

The Company operates out of offices in Jeddah and Dubai (DIFC) and Beirut. It also has a subsidiary in Beirut providing research and advisory services to the various companies of the group.

Siraj is managed by a team of experienced professionals that form the core platform for the organization. These professionals have extensive regional and international experience spanning investment banking, private equity, commercial banking, venture capital, management consulting, and entrepreneurship, with specific know-how in the emerging markets. [Wired by: PressReleaseNetwork.com]

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