Bahrain-based Khaleeji Commercial Bank (KHCB) has signed a memorandum of understanding with The Developers, one of the major real estate development companies in Bahrain.

The agreement is aimed at providing credit facilities for potential Bahraini and expatriate buyers of residential units at Fontana Gardens project which was officially launched by the developer last week, reported the Gulf Daily News, our sister publication.

The development, which is built on a wide area of gardens and greenery in Juffair, comprises three towers with a total of 405 apartments.

The deal was signed by KHCB chief executive Khalil Ismael Al Meer and Royal Ambassador managing director Mohammed Abdulghaffar Al Kooheji.

"We are delighted to sign this agreement which aims to support real estate companies in Bahrain and eventually improve the property market which is witnessing a significant boom at the moment," stated Al Meer.

"KHCB will provide the necessary financing for all potential buyers, either Bahraini or expatriate, who can apply in any of our commercial branches in the kingdom," he remarked.

The signing was also attended by The Developers chairman Abdulghaffar Al Kooheji, KHCB deputy general manager of commercial banking services Fuad Taqi, Royal Ambassador general manger of sales and business development Eman Al Mannai and KHCB retail acquisitions head Abdulrahman Al Sowaidi at the bank's head office.

"We are really proud of our partnership with KHCB which is one of the leading Islamic banks in Bahrain to provide competitive financing facilities to our Bahraini and expatriate clients in Fontana Gardens project," Mohammed Abdulghaffar Al Kooheji said.

"No doubt, banks play a major role in stimulating the property market and enhancing the national economy," stated Al Kooheji.

"If we add to this the special incentives being provided by the government to expatriates such as free hold ownership in some areas, easy entry and resident permits in the country, then we are enjoying a very healthy economic situation which will lead to sustainable development in Bahrain," he added.-TradeArabia News Service