First Bahrain signs with Khaleeji Commercial Bank to Finance Seef Retail Project
First Bahrain Real Estate Development Company, the forefront real estate developer in the Kingdom, recently announced signing an agreement with Khaleeji Commercial Bank (KHCB), one of the leading Islamic banks in Bahrain, to finance the construction cost of a commercial mall on a 79,000 sq. ft. land that is located in Seef District.
The project will provide diverse services to the residential areas in the vicinity through retail units with high specifications. This agreement comes as part of a comprehensive deal in which First Bahrain has elected to make KHCB its primary banking partner.
On this occasion, Omar Al Temiemy, Chief Executive Officer of First Bahrain commented: “We are most pleased to have KHCB’s support for this new retail project. We look forward to building on our strong track record towards a long, productive and mutually profitable relationship. The trust we have built working together with our key partners and our work team is the source of our strength. We look forward to the completion of this new project, which is expected to become a remarkable centre for leisure and entertainment.”
On his part, Sattam Algosaibi, Chief Executive Officer of KHCB, stated: “We are delighted to sign this agreement with First Bahrain Real Estate Development Company, which enjoys a rich record in the field of developing and managing properties, considering its various successful achievements that has placed it on the top of real estate developers in the Kingdom of Bahrain.”
Mr. Algosaibi added: “At KHCB, supporting real estate development projects is among our top priorities, as we aspire to continue contributing to the development of this vital sector, which is considered as one of the main supporters of the national economy and the achievement of the Kingdom’s economic vision 2030. We are keen on providing the necessary financing to complete this project, serving the achievement of comprehensive development for the Kingdom.”
It is noteworthy that Seef Project will include a combination of restaurants, entertainment, retail and service outlets, granting a unique experience. The anchor tenant of the project will be the first Jarir Bookstore in Bahrain. As announced in April, Jarir Bookstore, one of the strongest homegrown brands from Saudi Arabia, will be opening their first store in Seef by the year 2020.