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National Bank of Bahrain (NBB) has signed a $82 million project financing agreement with Riffa Views.
The funding will be used primarily to finance the construction of the remaining phase of the Riffa Views project, which is to set the standard for luxury residential developments in the Kingdom of Bahrain.
Abdul Razak Al Hassan Al Qassim, general manager of NBB and Yasser Abdul Rahman Abdullah, board member, Riffa Views signed the agreement.
Speaking on the occasion, Mr Al Qassim said: “NBB has always been leading economic development in the Kingdom of Bahrain. NBB’s Corporate Banking Team, along with the team from Arcapita, has played a major role in the fruition of this deal. Being associated with the prestigious Riffa Views project highlights NBB’s ability to provide custom-made solutions for its customers and reflects NBB’s position as the kingdom’s leading commercial bank.”
“This agreement marks the diversified innovative capabilities of NBB towards implementing the bank’s long term goal of being a major player across the economic sectors in the region,” he said.
Mr Abdullah said: “As a Bahrain-based organisation, Riffa Views is happy to be working with National Bank of Bahrain, and consider this a key partnership in the overall progression of the project.
“Both organisations share a united goal, and are committed to the long term sustainable development of Bahrain as a premier tourism, lifestyle and sporting destination.”
Riffa Views is a joint venture between Arcapita and Bahrain International Golf Course Company, created for developing and selling luxurious townhouses and villas.
The development is comprised of three distinctive Signature Estates (The Oasis Estate, The Lagoon Estate and The Park Estate) and offers a unique opportunity to both locals and expatriates to be part of a luxurious lifestyle unrivalled anywhere else in Bahrain. The project has attracted huge interest from the local and international community and has sold over 440 units to date.
With the tremendous surge in real-estate developments in the Kingdom, NBB has embarked on an ambitious growth path to address the requirements in this sector.
This deal with Riffa Views aptly demonstrates NBB’s ability to facilitate real estate and housing projects in the Kingdom of Bahrain.
Mr Al Qassim, Mr Abdulla, Nader Maskati, assistant general manager, domestic business banking of NBB, Abdul Hakim Abdul Malik, senior manager, finance and administration, Riffa Views and Tariq Ikram Siddiqui, head of corporate banking, NBB attended the signing ceremony, which was held at the Marquee Salon in Riffa Views.
Ahmed J Murad, manager, corporate banking of NBB and Fatima Budhaish, manager credit policy and risk management of NBB also attended the ceremony.
