Eskan names advisers for Bahrain projects
Manama, June 11, 2013
Bahrain-based Eskan Bank has appointed KPMG Fakhro and its consortium partner Trowers and Hamlins as financial and legal advisers on the build, operate, and transfer (BOT) projects in the kingdom.
The announcement follows the signing of an agreement between Eskan Bank chief business officer and deputy general manager Ahmad Tayara and KPMG Fakhro partner and head of advisory Narayanan Ramachandran.
The advisers will review the BOT structure, develop the financial model and prepare documentation for the bank's planned projects based on international best practices, reported the Gulf Daily News, our sister publication.
"Eskan Bank is seeking to develop its commercially zoned lands under BOT agreements, whereby projects will be awarded to a developer on land lease terms, generally for periods between 20 and 25 years," Tayara said.
"Any revenues generated from the implementation of the model developed will be designated for social housing schemes," he added.
According to Ramachandran, considering BOT structures for the development of commercial properties in the kingdom was a pioneering initiative."We believe this will set a market precedent for further development of the real estate sector in Bahrain," he noted.
"KPMG are leading financial advisers and Trowers & Hamlins are leading legal advisers and we will jointly help deliver pragmatic solutions to Eskan Bank on the BOT projects," he added.
Eskan Bank is currently working on a strategy to support the Housing Ministry's efforts in reducing the waiting period for social housing for Bahrainis.
It is developing residential projects on its own land bank and has a target of 2,500 housing units.-TradeArabia News Service
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