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LEADING urban developers Diyar Al Muharraq has signed a Murabaha contract worth $366 million with a group of local banks including Al Salam Bank – Bahrain, Kuwait Finance House, Bank of Bahrain and Kuwait and Al Baraka Islamic Bank of Bahrain in order to provide financial liquidity to develop the Deerat Al Oyoun project.
The participating banks will fund the social housing project in the form of partial funding, and Diyar Al Muharraq will bear the responsibility for financing and constructing all units of Deerat Al Oyoun as well as the initial infrastructure and public utilities.
A signing ceremony took place recently at the Four Seasons Bahrain Bay Hotel, attended by senior officials including Yousif Abdulla Taqi, director and group chief executive officer of Al Salam Bank – Bahrain; Abdulhakeem Al Khayyat, managing director and CEO of Kuwait Finance House, Reyadh Yousif Sater, chief executive business group of Bank of Bahrain and Kuwait, Mohamed Isa Al Mutaweh, CEO of Al Baraka Islamic Bank, Sheikh Ahmed Bin Isa Al Khalifa, chief financial resources of the Ministry of Housing and Dr Maher Al Shaer, CEO of Diyar Al Muharraq.
As reported earlier in PropertyWeekly, located in the heart of Diyar Al Muharraq, the Deerat Al Oyoun community will span across 1.2m sqm.
Chief Executive Officer of Diyar Al Muharraq, Dr Maher Al Shaer revealed that reservations and sales of the project’s first phase for the beneficiaries of the Mazaya Scheme had recently opened, with 133 units put up for sale.
As reported earlier in PropertyWeekly, located in the heart of Diyar Al Muharraq, the Deerat Al Oyoun community will span across 1.2m sqm. The anticipated date for the project’s first phase completion is February 2018.
