Diyar Al Muharraq, one of the leading urban developers in Bahrain, said it has secured a $32 million finance from Al Salam Bank-Bahrain for the development of its Dragon City project.

Spread over a total land area of 115,000 sq m, Dragon City is the first-of-its-kind development in Bahrain, which will offer unique wholesale and retail opportunities to local sconsumers, trade customers and tourists.

Dragon City encompasses Dragon Mall and a themed “Asian Dining Street.” The Mall Design, occupying a built up area of 56,000 sq m, is infused with Chinese architectural and cultural aspects incorporating over 747 individual retail stores and additionally, a 4,500 sq m area designated for warehouses.

The project also includes the Asian Dining Street, spanning a land area of 6000 sq m and a car park large enough to accommodate 1,500 cars.

A corporate agreement in this regard was signed by the Diyar Al Muharraq chairman Abdulhakeem Alkhayyat and the Al Salam Bank-Bahrain director and group chief executive Yousif Abdulla Taqi in the presence of Diyar Al Muharraq managing director Aaref Hejres and chief executive Dr Maher Al Shaer.

Al Salam Bank officials including Group deputy chief executive (Banking) Dr Anwar Al Sadah, the head of corporate banking Arif Mohammed Janahi, the head of retail banking group Abdulkarim Turki and head of private banking Anwar Mohammed Murad were also present.

With Dragon City having been developed with a total project cost of $100 million, the terms of credit facility agreement entails that Al Salam Bank-Bahrain will provide finance to fund $32 million of that amount.

Following the signing ceremony, the delegation was taken on a comprehensive site tour of Dragon Mall that served the purpose of acquainting them with the lucrative landmark project within Dragon City that is due to be open before year end.

On the deal, Alkhayyat said: "It is with great pride that I officiate this momentous occasion as this marks the beginning of a strong partnership that is set to produce rich rewards and collect significant milestones for a long time to come."

"Being at the forefront of the banking and finance industry in Bahrain, Al Salam is a noteworthy associate that will prove to be a boon as it will serve to further consolidate the myriad successes we are assured of garnering," he stated.

"With Dragon City set to start operating in full capacity before the end of the year, we are confident that our calculated and well-thought out decision will reap many benefits and look forward to reveling in the age of prosperity that will soon follow,” he added.

Abdulla Taqi expressed delight at partnering with the biggest urban development in Bahrain. "Once completed, Diyar Al Muharraq will be the pinnacle of Bahraini progress in the real estate and property development industry and we are extremely delighted to be part financing Dragon City, which is envisioned to be one of the anchors of the master-planned project," he added.-TradeArabia News Service