Kuwait Finance House (KFH) said its Bahraini unit has signed a deal with King Faisal Corniche Development Company to provide $94 million finance for its upcoming Bahrain Avenues Mall.
The project, a major retail and tourism destination, is being developed by King Faisal Corniche Development Company on a 265,000-sq-m area at Bahrain Bay in Manama.
A first-of-its-kind project in Bahrain in terms of its designs and varied activities, the Avenues -Bahrain is likely to be completed within a period of 12 months, said a statement from Mabanee -Bahrain, a subsidiary of Kuwaiti developer Mabanee, which has a 35 per cent stake in the company.
The agreement was signed by AbdulHakeem Al Khayyat, the managing director and chief executive of KFH-Bahrain and Waleed Khalid Al Sherian, the chief executive of Mabanee Company in the presence of Peter Verhoeven, the group chief wholesale banking at KFH Group and Zahed Kasmani, senior financial director at Mabanee and other senior officials.
The Avenues -Bahrain will contribute in reviving tourism and trade inside the kingdom, said the developer in its statement.
It will provide several commercial shops on a 38,000-sq-m area and boast of key entertainment facilities including children arcade, cinema theatres, elegant restaurants and cafes along with a spacious public park with access to the water view.
On the partnership, Al Sherian said: "We chose KFH-Bahrain to finance the project based on the banks' ability to provide outstanding Islamic financing solutions that are a perfect fit to our project. It is our pleasure to have KFH-Bahrain as our financial partner in completing this project."
The project, he stated, was expected to boost the tourism and trade in the kingdom, through the support it will provide for the retail industry, especially the exquisite shopping and entertaining experience for the visitors.
"It will also provide many global recognized brands and shops along with family entertaining facilities, all under one roof," he added.
Al Khayyat said: "By signing this deal, KFH-Bahrain has already reached one of its goals of financing new innovative projects that will support the economy of Bahrain and will contribute in boosting it."-TradeArabia News Service
Bahrain mall developer wins $94m KFH funding
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