Islamic lender Kuwait Finance House (KFH) is close to winning a real estate deal in Bahrain worth $1.5 billion, a report said.

The project will include the construction of malls, hotels and clubs on an area of 5 sq km on a build-operate-transfer basis for 50 years, the Al-Rai newspaper said in an unsourced report.

Separately, the head of KFH's international investment department, Emad al-Monee, told the paper the firm was  preparing a $100 million financing deal in Singapore.

The project would fund building a petrochemical plant with the government of Singapore and an Indian-Singaporean joint-venture, said Al-Monee.

Meanwhile, Al-Seyassah daily said in an unsourced report that an unidentified Saudi investor is in talks to buy a 10 percent stake in KFH. - Reuters