25 March 2015
Diyar Al-Muharraq, a subsidiary of Kuwait Finance House Bahrain (KFH-Bahrain), and the Ministry of Housing signed a major agreement, under which the Ministry will purchase 3,100 residential units from Diyar Al Muharraq at a cost of BD 276 million, to be enrolled in the Ministry's Social Housing Program.

Chairman of KFH-Bahrain, Ahmed Alaiban said that Diyar begins construction of Project of 1900 residential units of social housing to be handed over to Housing Ministry. In addition, Diyar will construct 1152 residential units where the value of each doesn't exceed BD 120 thousand. Diyar Al Muharraq will undertake financing all construction works for the project, its associated primary and secondary infrastructures and community centers.

Alaiban said "This major agreement will undoubtedly encourage further cooperation between the public and private sectors to create and promote more housing projects in Bahrain. Therefore, this partnership plays the crucial role of assisting the Housing Ministry in attracting more real estate development firms to expand their possible scope of work, increase the available Housing options and encourage more citizens to opt for this Housing Services alternative to speed up the waiting process for those on the lists of Housing Services beneficiaries at the Ministry of Housing."

Moreover, he affirmed that KFH-Bahrain plays key role in developing the residential sector and other sectors in the kingdom thanks to its diversified investment and financing activities.

-Ends-

Kuwait Finance House (KFH)
KFH was established in Kuwait in 1977 and is enlisted in the Kuwait Stock Exchange. KFH Group is a global pioneer in the field of Islamic banking services, where it offers a wide array of Islamic products and services, not to mention a high standard of innovation and client service.

KFH manages its operations in the GCC, Asia, and Europe through over 380 branches, including KFH-Turkey, in order to offer services for the bank's clients in Turkey, Malaysia, Saudi Arabia, Bahrain, Australia, Jordan, Dubai, and Manheim in Germany.

KFH's mission is to achieve highest levels of excellence and innovation in the field of client service, while developing common interest for all those concerned with the financial institution. KFH's vision is to spearhead the global development in Islamic financial services, and to upgrade the bank into the level of becoming the most sustainable profitable Islamic bank in the world.

KFH's values include cementing leadership through all its businesses, including leadership in the Islamic banking services worldwide, through innovation and in client service and the development of its employees. In addition, KFH is committed to all its procedures, and to setting up long-life partnerships with the concerned authorities.

For more information, please visit: www.kfh.com

© Press Release 2015