Agreement for $ 374 Million to Finance Marassi Al Bahrain Projects SignedSource: www.export-egypt.com 5/6/2019, Location: Middle East |
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Eagle Hills Diyar, the developer behind Bahrain’s iconic waterfront project Marassi Al Bahrain, has signed an agreement with a syndicate of banks from UAE and Bahrain for $ 374 million to finance the construction of Marassi Galleria, Address Hotel and VIDA Hotel.
The syndicated financing underscores the banks’ confidence in the strength and success of the developments, and highlights Eagle Hill Diyar’s objective to cooperate with key GCC financial institutions. The agreement was signed by Low Ping, CEO, Eagle Hills, Dr. Maher Al Shaer, Managing Director, Eagle Hills Diyar and a representative from each of the banks comprising First Abu Dhabi Bank, Emirates NBD Bank PJSC, Abu Dhabi Commercial Bank, Al Salam Bank Bahrain, Kuwait Finance House, Khaleeji Commercial Bank and First Energy Bank. “The signing of this agreement with leading banks in the UAE and Bahrain is testament to the significance of our developments on a regional level. This is a step forward towards achieving Eagle Hill’s mission of becoming the global provider of quality lifestyle communities and iconic destinations. Marassi Al Bahrain is set to fulfil a demand for more hospitality, leisure and shopping options in the Kingdom of Bahrain and become one of the Kingdom’s primary tourism hubs,” Low Ping said. “We are pleased to enter into this agreement with some of the most elite banks from the UAE and Bahrain. The syndicated financing will support our efforts in developing Marassi Galleria, which is expected to become a major shopping and entertainment destination in Bahrain, as well as VIDA Hotel and Address Hotel, two world-class hotel brands. This move will bring us closer to the completion of some of the Kingdom’s most anticipated entertainment and residential offerings, Dr. Al Shaer added. “Construction on site is progressing at full pace with Basement works already completed and the Mall Envelope expected to be ready by July 2020. We also foresee that tenants will be able to commence the fit-out work of their units from Q3 2020”, he added. Marassi Al Bahrain represents a remarkable addition to Bahrain’s real estate landscape and a key contributor to the national economy. Upon completion, the development will be home to 22,000 people, feature 6,000 residences and have a total retail space of 245,000 sqm. The unique project comprises a range of residential components, such as Marassi Residences, Marassi Shores Residences Marassi Boulevard and Marassi Galleria, the 200,000 sqm shopping and entertainment destination which will offer a range of entertainment facilities. The development will also provide access to a 2 km promenade and 1 km beach with waterfront retail outlets and an F&B boulevard. |
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