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KFH and First Bahrain officials at the signing ceremony.

KFH Bahrain signs $30m project finance accord

MANAMA, June 29, 2015

An agreement to fund the construction of the first phase of a new $30-million commercial development in Bahrain's Janabiya area has been signed between Kuwait Finance House - Bahrain (KFH-B) and First Bahrain Real Estate Development Company.

The project involves the design and and construction of a  neighbourhood retail centre and Almoayyed Construction Group and Sanad Engineering have been appointed lead members of the project team.

The amount of finance and other terms were not disclosed, said a report in the Gulf Daily News (GDN), our sister publication.

The project team has begun work on the centre, which will initially span an area of 86,000 sq ft, offering more than 48,000 sq ft of leasable space.

Located at the junction of Avenue 27 and Road 7151, just off the Shaikh Isa bin Salman Highway on the way to the King Fahad Causeway to Saudi Arabia, the facility is expected to be ready for occupancy by the second quarter of next year.

First Bahrain chief executive Amin Al Arrayed said the timing of the financing was perfect as the building permit has been received and Almoayyed Contracting Group is already at work on-site.

“The development will embrace Janabiya’s identity and culture and add value to the community with a mix of food and beverage outlets, an anchor supermarket and other related services,” Al Arrayed added.

KFH-Bahrain head of corporate banking executive manager Sattam Al Gosaibi said the bank has funded First Bahrain’s industrial development in 2008, and the two have worked together for more than seven years.

“First Bahrain’s prior success in the midst of a difficult season only reaffirms our confidence in their management team and its endeavours,” he added. - TradeArabia News Service




Tags: Bahrain | KFH | Construction | finance |

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