ATEL Capital Group, a U.S.-based lessor with over 47 years of equipment leasing experience and a multi-billion-dollar equipment portfolio, launched Ijarah, a joint venture with Aljazira Capital and Guidance Group to provide Shariah compliant operating lease solutions to companies in Saudi Arabia. Together, the partners aim to drive value for qualified businesses across Saudi Arabia by providing essential equipment leasing solutions through Ijarah.
“We are thrilled to bring our decades of expertise in equipment leasing to Saudi Arabia through our collaboration with Aljazira Capital and Guidance Investments,” Dean Cash, chairman and CEO of ATEL Capital Group, said. “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.”
“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,” Naif Almesned, CEO and managing director of Aljazira Capital, said. “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.”
“Our partnership with Aljazira Capital and ATEL Capital Group marks an important milestone in advancing Shariah-compliant financing in the Middle East,” Mohamad Hammour, chairman of Guidance Investments, said. “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.”
