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Officials at the signing ceremony.

Diyar Al Muharraq inks deal with Al Salam Bank

MANAMA, October 8, 2016

Diyar Al Muharraq, one of the leading urban developers in Bahrain, said it has signed an agreement with Al Salam Bank-Bahrain to form a real estate development escrow model for its upcoming social housing project ‘Deerat Al Oyoun’ under the Ministry of Housing’s ‘Mazaya’ scheme.

The agreement is in accordance with the Central Bank of Bahrain’s Resolution No 20 of 2016 for the protection of the investors and all stakeholders in the development project, ensuring the application of the latest and best global practices, said a statement from the Bahraini developer.

Commenting on the deal, Dr Maher Al Shaer, the chief executive of Diyar Al Muharraq, said: "We are pleased to sign this agreement to establish an escrow account for the ‘Deerat Al Oyoun’ social housing project with Al Salam Bank-Bahrain, with the initial cost for the first phase totaling BD18.1 million ($47.2 million) which will be financed from the escrow account."

Present at the signing ceremony were Anwar Murad, the deputy group CEO – banking at Al Salam Bank-Bahrain, and Subhas Chandra, the chief financial officer of Diyar Al Muharraq.

"We seek to boost investor confidence through this agreement, and safeguard the rights of clients when selling units within this project," stated Al Shaer.

"Our efforts are focused on ensuring that the works are within the given timeframe, and contribute to improving the quality of life and living standards through the provision of sustainable housing solutions in effort to meet the housing demands of the citizens," he added.

Murad said the escrow account comes in line with Al Salam Bank-Bahrain's focused efforts to offer innovative products and services towards the real estate sector in the kingdom, which forms part of its ongoing commitment towards providing pioneering Shari’a-compliant products and services tailored specifically to meet the changing needs of the citizens, the market place and the real estate sector.

“We are continuously seeking to facilitate the process for real estate developers and others who are pursuing licences to carry out real estate projects that aim to strengthen the market and increase the confidence of the investors in the sector,” he added.

Located in the heart of Diyar Al Muharraq, the ‘Deerat Al Oyoun’ community will span across 1.2 million sq m and will comprise an ideal residential community with integrated community service centres and green pack spaces.

Its strategic location also places it in close proximity to schools, shopping malls, public beaches, recreational facilities, mosques, medical facilities, and a modern transportation network.

The anticipated date for the project’s first phase completion is February 2018.

Diyar Al Muharraq is a unique masterplanned city for the people of Bahrain offering a range of housing options and quality lifestyle. It offers a cohesive mix of residential and commercial properties with a strong lineup of projects aimed at creating a long term and sophisticated township.-TradeArabia News Service




Tags: Al Salam Bank | Diyar al Muharraq |

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