ATEL Capital Group is pleased to announce the launch of Ijarah, a joint venture with Aljazira Capital and Guidance Group to provide Shariah-compliant operating lease solutions to companies in Saudi Arabia.
Guidance Group has more than 50 years of operational history in the Middle East and contributes specialized investment and financing expertise to the partnership. Aljazira Capital, a leading Saudi investment firm and subsidiary of Bank Aljazira will provide a new Shariah-compliant investment opportunity to its clients. Together, the partners are set to drive value for qualified businesses across Saudi Arabia by providing essential equipment leasing solutions through Ijarah.
Ijarah is the first company to provide Shariah-compliant operating leases of essential equipment in Saudi Arabia. This joint venture aims to offer corporate clients innovative, Shariah-compliant leasing solutions, addressing the growing demand for flexible financing options in key economic sectors across the Kingdom.
Commenting on the joint venture, Dean Cash, Chairman and CEO of ATEL Capital Group, said: “We are thrilled to bring our decades of expertise in equipment leasing to Saudi Arabia through our collaboration with Aljazira Capital and Guidance Investments. Launching “Ijarah” represents a unique opportunity to support the Kingdom’s ambitious economic goals, offering Shariah-compliant operating lease solutions that align with ATEL’s mission to foster sustainable growth in international markets. We look forward to meeting the needs of businesses across Saudi Arabia and continuing our long-term presence in the region.”
Naif Almesned, CEO and Managing Director of Aljazira Capital, expressed enthusiasm for the partnership: “By joining forces with ATEL Capital Group and Guidance Investments, we’re positioned to leverage our collective strengths and capitalize on Saudi Arabia’s dynamic economic growth. This initiative venture, launched during the week of Future Investment Initiative 8th Edition conference in Riyadh, is a testament to our commitment to Saudi Vision 2030. Through “Ijarah” we are focused on fostering economic diversification, promoting sustainable growth, and providing the Kingdom with innovative, Shariah-compliant financial solutions.” Mohamad Hammour, Chairman of Guidance Investments, also shared his perspective: “Our partnership with Aljazira Capital and ATEL Capital Group marks an important milestone in advancing Shariah-compliant financing in the Middle East. We are committed to providing tailored investment solutions that drive growth and align with the core values of our clients. “Ijarah” not only supports Saudi Vision 2030 but also reflects our dedication to expanding access to diversified, Shariah-compliant investment options in the region. We are excited to contribute our knowledge and experience to this exciting venture.”
Mohamad Hammour, Chairman of Guidance Investments, also shared his perspective: “Our partnership with Aljazira Capital and ATEL Capital Group marks an important milestone in advancing Shariah-compliant financing in the Middle East. We are committed to providing tailored investment solutions that drive growth and align with the core values of our clients. “Ijarah” not only supports Saudi Vision 2030 but also reflects our dedication to expanding access to diversified, Shariah-compliant investment options in the region. We are excited to contribute our knowledge and experience to this exciting venture.”