First Bahrain, a leading regional real estate developer, announced that it has repaid a $1.5 million loan to Kuwait Finance House (KFH).

The company repaid on the maturity date the three year term loan issued by KFH in 2008 to provide the initial funding for First Bahrain’s flagship project Majaal, an SME-focused warehousing facility.

Located within the Salman Industrial City at the Bahrain Investment Wharf, Majaal warehouse development presently offers 130,000 square feet of secure, flexible and cost effective industrial work space complemented with a range of value-added services focused on elevating the standards of warehousing projects in the region.

“Repaying the loan on maturity has been our top priority and reflects our continued efforts and success at improving our business and financial position,” stated Amin Al Arrayed, general manager of First Bahrain and managing director of Majaal.

Many local and international businesses ranging from banking to health services and manufacturing are currently taking advantage of the strategic benefits of Majaal. With over 75 per cent of available space already leased, plans are currently underway to begin work on Phase II, which will more than double the size of the facility, offering a total of 280,000 sq ft of leasable space.-TradeArabia News Service