Bahrain's first leisure resort will create 3,000 jobs
MAF Investments (MAFI), the investment arm of MAF Properties and one of the major operating subsidiaries of Majid Al Futtaim Group, has successfully closed the $300 million loan facility for the ongoing landmark BD240 million Bahrain City Centre project, a top official told Bahrain Tribune.
Richard Reid, the Chief Executive Officer of MAF Investments, who was in Bahrain to meet the local media and brief them about the BCC project, told said that the $300 million syndication loan for Bahrain City Centre was a huge success in which the local and regional institutions participated overwhelmingly.
HSBC Bank Middle East was among the lead arrangers during the raising process for the MAFI 5-years term loan facility. The BCC project, the country's first shopping and leisure resort will be ready by mid-2008 and create 3,000 job opportunities.
Richard said that given the size and importance of the project, which is due to be completed in next 18 months, the response from the financial institutions was even overwhelming. "We are very much impressed with the response from the banks for this facility and we closed it immediately after the commitments of $300 million."
He added: The construction work at the project has been initiated on all vital segments in accordance with the time frame announced by the MAFI and the project would be finished within the stipulated period."
Maher Al Shaer, General Manager of MAF Investments Bahrain, said that the Bahrain City Centre project would give a new dimension to the Kingdom's retail and leisure sectors. "The project will have 360 renowned retailers and global store chains, giving the shoppers a rare chance to have these global names in Bahrain.
The work on the all segments of the project is well under way and everything will be ready by mid 2008 as announced earlier. The consortium of contractors led by Cebarco-WTC has put in place the best team of developers to ensure the highest standards and also meeting the completion deadline. The BD128 million contract was officially awarded to Cebarco-WCT after the short-listing. The CCB landmark project will be the largest mall in Bahrain and the second-largest in the Gulf."
"BCC will be the first integrated leisure and shopping destination in Bahrain. The 150,000-square-metre shopping complex located on Khalifa bin Salman Highway in Seef will offer over 360 stores appealing to a wide range of shoppers and visitors."
By Mehmood Rafique Business Correspondent
© Bahrain Tribune 2006
