Business & Money | Monday 2 March, 2015 2:39 pm |

Sidra Capital, a well-known Saudi, CMA-regulated, Shari’ah-compliant financial services company and a respected name in international real estate investment, alongside its partner, Inoks Capital have been named by Islamic Finance News (IFN) as the winner of the publication’s “Most Innovative Deal” Award as part of the IFN Deals of the Year 2014. The accolade is for Sidra Capital’s advisory role in a EUR7.5 million (US$9million) financing arrangement that is part of a massive effort to build new government-sponsored housing in the Cote d’Ivoire and its economic capital and largest city of Abidjan.
“We are truly honored to receive this award from IFN,” said Hani Baothman, CEO of Sidra Capital, “especially because it cites a project that is an excellent example of Shariah-compliant funding that satisfies both business and social needs. We are proud to be a part of it and thrilled for the recognition from IFN.”
Mr. Baothman added: “The innovative aspect of this deal is that it offers steady income during the investment period as well as a conversion option that gives our investors the option to convert the financing into equity. This facility allows for the flow of capital from Shari’ah compliant Middle Eastern investors to non-traditional real estate investment destination of Cote d’Ivoire. It affords the investors with a settling period to better understand the sector prior to making any permanent investment in the sector and the country.”
“The structure is quite innovative as it authorizes the investors to generate revenues from the investment from two possible sources while limiting the downside. It is very unique as it also provides the investor the capacity to harness the entire potential of the investment as and when it gets comfortable with the destination’s environment, but nevertheless, still realizing steady returns along the way. We once again take great pride to receive this award with Sidra Capital, as it further demonstrates the joint capacity to be innovative and provide good investment opportunities that are socially responsible for the benefit of all communities, investors and investees alike,” added Mr. Abdul-Massih, CEO of Inoks Capital.
Sidra Capital shares the award with Inoks Capital, an independent and privately owned investment firm based in Geneva which acted as a joint arranger. In this case, the investors are GCC-based private family offices and Sidra Capital serves as advisor to these investors. Inoks on the other hand, acts as the Mudarib, monitoring and managing the investment progress.
The two financial services companies are working with OPES Holding, a real estate developer and contractor that has been awarded to construct 2,320 houses in the Ivory Coast, 482 of which will be in Abidjan.
This is the second time that Sidra Capital and Inoks Capital jointly win the IFN Deals of the Year. In 2013 Sidra Capital and Inoks Capital won the the Best Islamic Trade Finance Deal 2012 for USD 5 million syndicated trade finance facility for WIENCO (Ghana) Limited.
Sidra Capital’s strong international strategic relationships allows them to provide the highest level of expertise and market insight to their investors in Saudi Arabia and the GCC. Ever a pioneer in the investment world, Sidra Capital has a strong track record in creating innovative and award-winning products. Sidra Capital’s Ancile Global Structured Trade Investment Fund, for example, was the first of its kind in the Kingdom of Saudi Arabia and was honored as ‘The Best Structured Islamic Trade Finance’ by Triple AAA Islamic Finance Awards in 2013.