BAHRAIN:
Shariah compliant Khaleeji Commercial Bank (KHCB) has entered into an MoU
with Ithmaar Development Company (IDC) to provide property finance
solutions to potential buyers of units in Dilmunia, a man-made island off
the northeastern coast of the Island of Muharraq.
According to a statement, KHCB will also provide property finance
facilities for clients who purchased units in the Seavilla project, the
first residential offering at Dilmunia Island. The Dilmunia project
consists of 32 beach front villas occupying a total land area of 20,000
square meters with 500 meters of shoreline.
Extended to IDC, a wholly-owned subsidiary of Ithmaar Bank and a part of
Ithmaar Group, the MoU was signed by Khalil Al Meer, CEO of KHCB,
together with Mohammed Khalil Al Sayed, CEO of IDC and chairman of Health
Island Company, at KHCB’s main office.
“It gives us great pleasure to be collaborating with Ithmaar Development
Company for providing property finance solutions to potential unit buyers
in Dilmunia Island. The project itself is amazing and investing in
Dilmunia, is open to both Bahraini and expatriate investors,” said Khalil
Al Meer.
Commenting on KHCB’s financing expertise, Mohamed Khalil Al Sayed said:
“With KHCB’s competitive finance facilities that offer easy options for
investing in Dilmunia, we are certain that our clients will find the
process of availing property finance is a very smooth and uncomplicated
procedure.”
At an estimated cost of US$1.6 billion, Dilmunia spreads over a land size
of 125 hectares. With a unique health and wellness theme, the development
project include hotels, residential areas, leisure and shopping
districts, providing residents and visitors with hospital facilities,
spas and state-of-the-art wellness services in a resort-type environment.
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