Diyar Al Muharraq Signs $32 Million Development Islamic Financing Agreement With Al Salam Bank-Bahrain

    14775

     

    Diyar Al Muharraq, one of the leading urban developers in the Kingdom of Bahrain, announced the signing of a corporate agreement for the part-financing of the development of Dragon City to the amount of $32 million on Thursday, the 5th of November, 2015.

    The signing ceremony took place at Dragon Mall in Dragon City at the Diyar Al Muharraq site. The agreement was signed by the Chairman of Diyar Al Muharraq, Mr. Abdulhakeem Alkhayyat and the Director and Group Chief Executive Officer of Al Salam Bank-Bahrain, Mr. Yousif Abdulla Taqi. In attendance of the agreement signing ceremony from Al Salam Bank were Group Deputy CEO-Banking Dr. Anwar Al Sadah, Head of Corporate Banking Mr. Arif Mohammed Janahi, Head of Retail Banking Group Mr. Abdulkarim Turki and Head of Private Banking Mr. Anwar Mohammed Murad and from Diyar Al Muharraq were Managing Director Mr. Aaref Hejres and Chief Executive Officer of Diyar Al Muharraq, Dr. Maher Al Shaer, in addition to high-level officials from both sides.

    With Dragon City having been developed with a total project cost of $100 million, the terms of credit facility agreement entails that Al Salam Bank-Bahrain will provide finance to fund $32 million of that amount. Following the signing ceremony, the delegation was taken on a comprehensive site tour of Dragon Mall that served the purpose of acquainting them with the lucrative landmark project within Dragon City that is due to be open before year end.

    Elaborating on the significance of the partnership, the Chairman of Diyar Al Muharraq, Mr. Abdulhakeem Alkhayyat said: “It is with great pride that I officiate this momentous occasion as this marks the beginning of a strong partnership that is set to produce rich rewards and collect significant milestones for a long time to come. Being at the forefront of the Banking and Finance Industry in the Kingdom of Bahrain, Al Salam Bank-Bahrain is a noteworthy associate that will prove to be a boon as it will serve to further consolidate the myriad successes we are assured of garnering.”

    “In addition to the enormous impact that Dragon City will have on a large scale to the Kingdom of Bahrain by thrusting it into the global limelight, it will also contribute massively nationally by extensively boosting trade and finance in the Kingdom, exponentially increasing the internal monetary flow whilst positively affecting almost every other sector as well. With Dragon City set to start operating in full capacity before the end of the year, we are confident that our calculated and well-thought out decision will reap many benefits and look forward to reveling in the age of prosperity that will soon follow,” he added.

    From his side, Group Chief Executive Officer of Al Salam Bank, Mr. Yousif Abdulla Taqi, said: “Partnering with the biggest urban development in the Kingdom of Bahrain is no small accomplishment and on behalf of the Al Salam Bank-Bahrain, I would like to express my immense joy to be part of this agreement for part financing the development of Dragon City. Once completed, Diyar Al Muharraq will be the pinnacle of Bahraini progress in the Real Estate and Property Development Industry and we are extremely delighted to be part financing Dragon City, which is envisioned to be one of the anchors of the master-planned project. We are grateful for being given the opportunity to be a part of this grand venture and look forward to a bright future.”

    Spread over a total land area of 115,000 square meters, Dragon City is the first of its kind development in Bahrain, which will offer unique wholesale and retail opportunities to local sconsumers, trade customers and tourists. Dragon City encompasses Dragon Mall and a themed “Asian Dining Street.” The Mall Design, occupying a built up area of 56,000 square meters, is infused with Chinese architectural and cultural aspects incorporating over 747 individual retail stores and additionally, a 4,500 square meter area designated for warehouses. The project also includes the Asian Dining Street, spanning a land area of 6000 square meters and a car park large enough to accommodate 1,500 cars.

    To date, Dragon City has obtained 100% lease and the occupancy rate has reached more than 90%.

    Additionally, Dragon City also includes Dragon Apartments in close proximity to Dragon Mall. Occupying a total land area of 20,000 square meters, Dragon Apartments comprise of 6 multi-storey residential buildings encompassing both 4 and 6 floors with a total of 300 apartments and are seen to be the ideal residence for those invested in Dragon Mall and for those working in the Mall. Work on Dragon Apartments is totally complete and the first group of residents is due to move in their apartments soon.

    The Dragon City concept was launched in May 2012 as the result of an agreement between Diyar Al Muharraq and Chinamex and Cluttons was appointed as the leasing agent for the project in the Kingdom of Bahrain.

    Also, an agreement was signed with Bin Faqeeh Real Estate Development Company for the development of Dragon Apartments, and Banz Group was appointed for Warehouse Management and Logistics Services for Dragon City.

    Diyar Al Muharraq is a unique master planned city for the people of Bahrain offering range of housing options and quality lifestyle. Diyar Al Muharraq offers a cohesive mix of residential and commercial properties with a strong line up of projects aimed at creating a long term and sophisticated township.