The National Bank of Bahrain (NBB) has signed an agreement with Kanoo Real Estate, a division of the Yusuf Bin Ahmed Kanoo Group, to provide financing for their landmark developments across the kingdoms of Bahrain and Saudi Arabia, starting with Al Nakheel Villas in the city of Khobar.

The partnership brings together NBB’s financial expertise with Kanoo Real Estate’s dynamic portfolio, making way for several high-profile projects and residential developments, such as Al Nakheel Villas that is set to enrich the community living experience in Saudi Arabia.

This MoU reflects a shared commitment to shape the region’s evolving real estate landscape through projects that deliver tangible value to communities, investors, and the wider economy.

Commenting on the deal, Ali Abdulkarim, Group Chief Executive – Corporate & Commercial Banking at NBB, said: "Our longstanding relationship with Yusuf Bin Ahmed Kanoo Group has been built on mutual trust and shared values, and we are pleased to take this collaboration further through our partnership with Kanoo Real Estate by financing of their distinguished projects."

"This agreement reflects our role as a strategic financial partner for ambitious developments that align with national and regional growth priorities," he stated.

Talal Fawzi Kanoo, the Chairman of Kanoo Real Estate, said: "We are pleased to collaborate with NBB in what we believe is a pivotal step in our mission to deliver transformative developments in Bahrain and Saudi Arabia, with the inaugural development of this agreement being Al Nakheel Villas in Khobar, Saudi Arabia."

"By combining our diversified property portfolio with NBB’s extensive financial services expertise, this partnership will enable us to offer unique offerings built to substantially enhance the quality of life for the people of both countries," he added.-TradeArabia News Service