Finance & Capital Market

NBB signs deal with YK Real Estate for Bahrain residential tower

National Bank of Bahrain (NBB) has signed an agreement with YK Real Estate Investments & Developments Company, a division of Almoayyed Contracting Group, to offer mortgage financing on its key residential development, Garnet, located on the kingdom's Reef Island. 
Launched earlier this month, The ‘Garnet’ is a high-end building constructed by Almoayyed Contracting Group that features 64 luxury apartments with a mix of fully-furnished studios, one- and two-bedroom apartments overlooking the sea, and fully equipped with various amenities for its residents. 
Reef Island is located minutes away from the Bahrain Financial Harbour and is situated in the heart of Manama. The Island is open to both residents and guests, offering easy access to a range of luxury living, retail and restaurant experiences.
The MoU is aligned with the bank’s focused strategy to continuously provide housing and mortgage financing solutions for all of its customers across various real estate developments in the kingdom, said NBB in a statement. 
By diversifying its housing finance options, NBB is able to commit to its promise of enriching the national economy and the lives of future generations, it stated. 
The signing took place last week at NBB Tower, and was attended by Chief Executive Retail Banking at NBB, Subah A.Latif Al Zayani, and YK Real Estate Executive Director, Hala Farouk Almoayyed.
Through this offering, NBB said it will provide customers with mortgage financing of up to 90% of the property value alongside competitive interest rates starting from 4.9%. 
Customers who wish to apply for financing will also benefit from an easy and quick approval process and a 30-year tenor period, it added. 
Hala Farouk Almoayyed, Executive Director of YK Real Estate Investments & Developments Company, said: "We are delighted to partner with NBB for offering our newest project, ‘Garnet’, to the bank’s customers. Our aim is to create quality residential units located within enhanced living communities in Bahrain."
"Through our cooperation with the nation’s bank of choice, we will now be able to meet the existing demand from NBB customers for upscale, modern residential options, situated ideally in the centre of the kingdom," noted Almoayyed.
On the partnership, Subah A.Latif Al Zayani, Chief Executive – Retail Banking at NBB, said: "We are pleased to be partnering with YK Real Estate Investments & Developments to bring our customers a wide range of diversified housing solutions. Here at NBB, we remain committed to offering the best variety of housing services alongside key developers in Bahrain."
"Through our competitive interest rates and simplified approval processes, we are able to extend our housing solutions to all our customers as we contribute positively to enriching their futures," he added.-TradeArabia News Service