Infracorp has signed an agreement with Takaful International to provide an insurance bond on escrow accounts required by the Real Estate Regulatory Authority (RERA) for the off-plan sales approvals of the flagship Marina Bay project.
This step is part of the ongoing efforts to ensure the protection of investors and buyers in real estate projects, where the government continues to enhance confidence in the investment environment in Bahrain.
The signing ceremony took place at Infracorp's headquarters in Bahrain Financial Harbour, attended by Majed Al Khan, Board Member and Chief Executive Officer of Infracorp, and Essam Al Ansari, Chief Executive Officer of Takaful International, along with executive management members from both sides.
Off-plan sales
Al Khan said: “We are delighted to announce the completion of all necessary approvals required for the off-plan sales of the Marina Bay project, coinciding with the launch of Cityscape Bahrain 2024. This step ensures buyers’ rights and enhances confidence in the real estate market in Bahrain, while reaffirming our partnership with Takaful International and highlighting our full commitment to all applicable laws and regulations in the kingdom. We prioritise the protection of our clients’ rights, and I would also like to express my sincere gratitude to the Real Estate Regulatory Authority (RERA) for their continuous efforts and vital role in developing the real estate sector in the kingdom.”
Al Ansari commented: “We are delighted to partner with Infracorp, one of the largest real estate developers in the region, culminating from our joint efforts to provide innovative insurance solutions that meet the evolving needs of the market and enhance investor protection in the real estate sector. The Marina Bay project is a standout initiative that highlights Infracorp’s pioneering role in the urban development taking place in the kingdom, and we are pleased to play a role in fulfilling all necessary requirements for the off-plan sales of this flagship project.”--TradeArabia News Service
